Owning a house has always been a big part of the American Dream but rising real estate prices have made ownership more daunting. However, a house or a condo is just a dwelling and whether you own or rent, it doesn’t mean that you can’t build a home. As long as you can afford to meet its financial obligations, a home will provide you with comfort, stability and independence. It may be the place where you lay your head but whether you reside in temporary student housing, a military bungalow, an apartment above a liquor store, a high rise co-op, or a four bedroom ranch house, home is a place where laughter and smiles are dispensed as easily as band-aid compassion and a shoulder to cry on. Wherever you live, home is a place where strangers become friends and friends become family.
While the dwelling is a huge part of your vision, a home is really part of a community. Moving to a neighborhood only because of the apartment or house is really just half of the equation. The amenities can mean as much or more of your overall experience. Consider the neighbor who watches your kids when you’re working, the convenience of a restaurant when you just don’t want to cook, the local church or tavern where you find friendly faces, and a community that comes together for a Friday night football game, a 4th of July parade, or an election day vote for city council. Where you live is about your interests, values, and lifestyle. Maybe it’s just a short jaunt from your parents or your kids? Maybe it’s a vibrant urban setting close to the train or perhaps a suburb where you can crinkle your toes on your own lawn?
Tomorrow’s article will answer financial questions on renting or buying a house…
Where you settle will reflect your preferences at each particular stage of life. Your income determines a lot! Kids are a tremendous determinant for neighborhood comfort. Lifestyle pace and proximity to quality schools or reputable health care is much different at age 30 versus age 60. When considering a potential community to build a home, you should:
Identify your priorities: What matters most to you? Safety, affordability, diversity, recreation, access to amenities, strong schools, or a specific lifestyle? Will a new house be able to fit all your stuff? Pianos are particularly difficult to bring into a one bedroom apartment unless you’re a cabaret singer and can sleep on it.
Consider your lifestyle: Are you a city dweller, suburbanite, or rural enthusiast? Do you prefer a bustling environment or a quieter pace? Do you have pets? Are there kids in the neighborhood who you can hire to watch your pot-bellied pig while you’re on vacation?
Use the internet to explore your options: Websites like Zillow, Apartment.com, Trulia and Google:Maps can provide glimpses into various districts, home affordability, school quality, and proximity to hospitals. You can surf the web to find golf courses to play, gyms to exercise, or ballet or soccer clubs for your children. However, to experience a community, you really need to live in the community for a week or so to get a true idea of your comfort.
Visit communities: Take the time to physically visit potential cities and neighborhoods by walking the neighborhood trails, browsing through the downtown establishments, and observing the activity at the community parks (pickleball anyone?). Do people say “hello” when you walk by or are they buried in their screens? Talk to residents about the area. Participate in local festivals, farmers markets, or neighborhood gatherings to get a feel for the community atmosphere.
Avoid: Moving on impulse (I just met this girl or guy a month ago!) or moving in anticipation of a raise or bonus and then getting stuck with a costly lease when the raise isn’t as much as anticipated.
Wherever you pick to lay your head, the home should not just be a place where you hang pictures of your parents or your children; your home is where you will celebrate with friends or stand with your neighbor, where you will cheer on your child’s friends, where you will regroup after a tough day. House or apartment, duplex or co-op, your home will be what you create for yourself and your family.
Now for the financial part…
Link to part 2 here: There's No Place Like Home (Part 2) - by Chris Renner (substack.com)