"The cookie-cutter home type neighborhoods aren't really my taste, so I was looking for something unique," he says. And this historic Craftsman house would definitely be considered unique. Unique, and a lot of work. But McKamey didn't mind the home improvement projects. To him, fixing the foundation, adding a back deck and various other projects were worth the house.
But "fixer-upper" style homes aren't for everyone.
Although Matt Richmond, 28, was initially looking for an older home like McKamey's, his housing search led him to a newer subdivision in Taylors where he found a four-bedroom home that was in his price range and had what he wanted. "I liked it because it was new and didn't seem like there was a whole lot of work that needed to be done," he says. And with a house that was only two years old, the majority of the work he needed to do on it was purely aesthetic — painting to suit his taste, installing appliances and a little bit of work on the upstairs. The only thing he had to hire someone to fix was the garbage disposal. The rest he could do himself.
When considering what type of home to purchase, it's important to think through all aspects involved. For example, if your job keeps you busy and you don't have much time to spend on home improvement projects, you probably want to consider a newer home with a shorter to-do list.
Another thing to consider is your financial situation. What may look like a great deal on a fixer-upper home at first may turn out to be more of an investment than you bargained for. "Have money back in reserve for fixer-upper homes," says Terry Woods Puleo, loan officer with Preferred Financial. "Although it could save them $10,000 up front, it can cost them $20,000 to go in and really fix it." She recommends if you're considering a fixer-upper home, make sure the initial repairs can be paid for out of pocket. So while the initial price and uniqueness of a fixer-upper house does have its appeal, factor into your decision the costs, time and labor the home improvement projects may take.
"It's your personal preference and what you're looking for, that old-time charm you can go in and renovate and bring it back to where it was, or if you're looking to pick up your suitcases, move in and unpack," says Jay Stafford, real estate agent with Allen Tate Realtors. Sometimes, a townhouse best suits the needs for a first-time homebuyer. Although you still have the luxury of fixing up the interior of the home however you wish, someone else takes care of the outside. Hence the phrase, "paint-to-paint," Stafford says. Meaning the townhouse owner is responsible for maintaining the inside of the house, while the monthly fee paid to the homeowners' association covers maintenance on the outside of the house.
"You get everything you need, just in a smaller package," 21-year-old Sam Hankins says. "It's not as much maintenance and not as much upkeep." Hankins, his wife and their toddler son moved into their three-bedroom townhouse in December. He likes being able to personalize the house on the inside, but not having to worry about the outside maintenance.
But whether it's paying a fee, redoing the entire structure of the house or just buying a chandelier, all homebuyers, no matter what type of home, have the same thing in common — the satisfaction of paying off a mortgage on a home they can call their own.
House Wish list
• Location:
• Price range:
• Schools district:
• Square footage:
• Do you want a new or older home?
• Type of home: one story, two story, bi-level, trilevel?
• Basement: Yes or No
• Style of home: Do you love/hate ranches? Looking for a bungalow or Craftsman style home?
Other styles include colonial, Tudor, mission, Greek revival.
• Yard size?
• Fenced yard?
• Garage or carport?
• Patio or deck?
• Pool?
• Fireplace?
• Laundry room?
• # of bedrooms:
• # of bathrooms:
• Carpeting vs. hardwood
• Do you want to live in a community that has amenities? (pool, golf courses, tennis courts)
• Type of heating and air?
Quiz: What type of homeowner will you be?
When shopping for a new home, you may find yourself with several options. Should you look for a single family home? Or a townhouse? Do you want a fixer-upper or an arrange-my-furniture-and-I'm-home type of place?
Here's a little quiz to help you determine which home is right for you.
Your idea of relaxing on a Saturday afternoon consists of:
A. Sitting by a pool, sipping iced tea and reading a book
B. Whipping out your machete, hauling brush and mowing the lawn
C. Heading outside for a walk around the block with your local neighborhood walking group
What is your ideal job?
A. Any job that makes about as much as a lawyer or stock broker
B. Construction worker, carpenter, anything that lets you work with your hands
C. With this economy, you'll take any job you can get
How do you view a daunting house project?
A. Meh — would rather not even think about it.
B. As a challenge — bring it on!
C. Depends on what it is – painting the bathroom is OK, but weeding the garden is not.
Your perfect flooring consists of:
A. Plush carpet
B. Hardwood floors with a tasteful throw rug
C. As long as the floor holds up, you're fine with either carpet or hardwood
What do you find most
attractive in a neighborhood?
A. Perfectly manicured lawns, matching streetlights, neighborhood security
B. All the houses are different and unique, adding character to the neighborhood
C. The close-knit community feel
Answers:
Mostly As: Sweet shop stop. Your ideal home is new, top-of-the-market and has minimal home repairs, if any. You need the type of house where you can walk in, drop your suitcases, arrange your furniture and be ready to live.
Mostly Bs: Handy Andy is your name and a fixer-upper type house is your thing. You're thrilled at the prospect of a home improvement project and you don't let little problems like a leaky roof or drippy faucet turn you away.
Mostly Cs: You are the typical townhome dweller. You don't mind the proximity to your neighbors. In fact, you prefer that community feel. Smaller indoor projects, such as painting the kitchen, are appealing, but don't ever ask you to mow the lawn.
Kathy Johnston,
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