Criteria in Choosing a Home

As a first time home buyer, you want to make sure that you find the right home for you.  Determining your criteria is an important first step.  Having a list of your requirements will save you time in looking for the right home for you.  Here are some criteria that might help you in choosing a house:

	CONDOMINIUM	TOWNHOUSE	SINGLE FAMILY HOME	MULTI-FAMILY HOME
Location	Usually centrally located	Usually centrally located	It varies	Usually centrally located
Affordability	Affordable than single family home	Affordable than single family home	Most expensive	Affordable than townhouse and single family home
Security	Guards provided by the developer	Guards provided by the developer	Security device provided by the owner	Security device provided by the owner
Maintenance	Provided by the developer (Only for the common area and amenities)	Provided by the developer (Only for the common area and amenities)	If HOA exists - Provided by the developer (Only for the common area - lawn mowing are not included); If not, it will be provided by the owner	Provided by the owner
Wellness Amenities (i.e. swimming pool, gym or tennis court)	Usually included at developers expense for the common use of unit owners	Usually included at developers expense for the common use of unit owners	Provided by the owner	N/A
Lot Ownership	No ownership	Owner	Owner	Owner
Fees	Condo Fees - For maintenance of the common areas	Homeowners Association Fees - For maintenance common grounds	May or may not have HOA fees depending on the location	N/A
Privacy	Not so much	Not so much	Full privacy	Full privacy
Resale Value	Lower resale value as compared to single family home	Lower resale value as compared to single family home	Highest resale value	Higher resale value
Potential for Expansion or Improvement	N/A	Subject to HOA's approval	Full expansion and improvement	Full expansion and improvement
Rules	Follow association rules & CC&Rs	Follow association rules	May or may not have a homeowners’ association and CC&Rs	N/A

Interior Specification:  There are also other things to consider like the number of bedrooms and bathrooms that you need.  2 bedrooms appeal primarily to first-time home buyers.  Usually they use the extra bedroom as a guest room or an office.  Most people often prefer to have more than one bathroom.  One bath homes are often less expensive.  Sometimes it’s less expensive to put in an extra bath than it does to buy a two-bath home.  For other home buyers, kitchen is also an important part of the house that they look at.

Neighborhood:  Married couples prefer to live in a quiet neighborhood because of the children. While singles prefer to live in places closer to their place of work and preferably walking distance to theaters and restaurants. 

Additional considerations: Condition of plumbing, electrical, heating & cooling units; Garage (covered or not covered); Available utilities such as cable or DSL, satellite; Proximity to school districts.

It is very important to have a list of all your requirements.  As a rule, you cannot find everything you are looking for in one house, so you might have to compromise.  For example, you found a nice house that is perfect based from your list except that the heater is not working.  Would you take it?  The choice that you make will affect you for a long time so make sure that you get everything right.

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