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0 of 3 Premium Clicks used this month SUBSCRIBE Print + Online Subscriber Activation | Register x Forgot Password | Need an Account? e-edition | subscribe | newsletter | deals Classifieds Jobs Autos Real Estate FEATURED » NEWS NOW Standing guard ... City gears up for hearings on future growth ... Medford School District on the hunt for teachers ... Standing guard ... City gears up for hearings on future growth ... Medford School District on the hunt for teachers ... Dear Monty: First time home buyer seeks differences in housing lifestyles Comment MailTribune.com Writer Posted Feb. 4, 2015 at 12:01 AM Posted Feb. 4, 2015 at 12:01 AM » Social News By Richard Montgomery More Content Now Reader question: We are thinking of buying a home and starting a family. We are in our early 30s with good jobs and in for the long haul. We are a bit “out of the box” with many interests and don’t want a cookie-cutter in suburbia. Do you have any ideas for us? Monty’s answer: When young couples’ thoughts turn to housing, more often than not, they are driven by what they have experienced, housing wise, to this point in their lives. While parents, friends, and co-workers will have suggestions, today the bulk of the real estate selection is single-family homes. This is because single-family homes are the prevalent lifestyle in the country. While the idea I have for you is not new, many first-time home buyers look no further than a single-family home because they grew up in one. Sit down together and discuss what is most important to you as a family. What are you drawn to in life? At what do you excel? How do the two of you spend your free time now? What kinds of work schedules are you likely to have in the future? What are your goals together? Have you observed friends that have started families and the changes an infant or infants has on their lives? You may have already completed a similar discussion yet this type of conversation can often be an ongoing dialog. Add a new variable to the mix. Ask yourselves, what type of housing will most likely fit our work, goals, and lifestyle? Here is a simple tool to use in your ongoing discussion. It is called a home “lifestyle consideration” chart. Let me know if you come up with a better name for it. Single family home vs. condominium ownership Single family: - more privacy - higher initial cost and operating cost - more maintenance - larger market/more selection Condominium: - more accountability/rules with HOA - lower maintenance and operating costs - little or no maintenance work - smaller market/fewer units Buying new home vs. buying existing home New home: - design what you want - extra cost of landscaping and decorating - many decisions - lot, builder, finishes - fewer neighborhood choices - potential construction defects -possible occupancy delays Existing home: - compromising design - potentially lower purchase price - extras often included - higher utility costs - hidden or unknown defects - higher repair and upkeep costs Country living vs. urban living Country: - lower property taxes - larger lots/acreage - quiet, private, close to nature - zoning less secure - more commuting to schools, shops Urban: - lower insurance cost - more choice locations - municipal sewer, water and services - possibly more pollution - closer to most conveniences Needs work vs. needs no work Work: - pay lower price - more condition problems - lots of decorating flexibility No work: - invest less capital later - pay a premium for condition - more time for other endeavors Single family vs. duplex/multi-family Single: - higher monthly occupancy cost - less financial risk - more privacy and location choices - less investment potential - no tenant responsibility Duplex: - more time, work and upkeep cost - higher purchase price and insurance - additional tax advantages - rental income increases gain potential - tenant responsibility An example of a lifestyle consideration Some people work long hours most days of the week while others work involves a number of days on and then a number of days off. Firefighters, emergency room personnel, and law enforcement officers are prime examples of the latter group. By combining a number of days off with a person who is handy and can fix anything could suggest a duplex or apartment building in their future. By reviewing your options now, you may avoid wasting valuable time when someone introduces you to a lifestyle you like better down the line a month or two. Worse yet, you could discover after you have moved you bought a lifestyle with which you were not satisfied. Check out the financial side Home seekers will sometimes set up their goals based on buying a home in a certain neighborhood or price range. As an example, the neighborhood they like will require a two hundred fifty thousand dollars starter home. Their plan is to save more money over the next three to four years to make a good down payment to keep their housing costs around thirty percent of their income. They never considering buying a home now in a moderate neighborhood with a low down payment that is about the same size and costs as the apartment they are living in today. It may be possible to set their sights lower now, and by so doing, they will get to their ultimate goal sooner. Richard Montgomery gives no-nonsense real estate advice to readers’ most pressing questions. He is a real estate industry veteran who has championed industry reform for over a quarter century. Send him questions at DearMonty.com. MailTribune.com Writer Posted Feb. 4, 2015 at 12:01 AM » Comment or view comments Reader Reaction » STAY INFORMED Email NewsLetter Sign Up Today Sign up for our newsletter and have the top headlines from your community delivered right to your inbox. Southern Oregon Directory Featured Businesses Loading... 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