If you are thinking of moving, you must pay close attention to a great many details to ensure that you select a home that will suit your needs and tastes.

First, discuss with the members of your household the features you prefer in a home. Also determine how much you can afford.

If you like to cook, you may want a home with a large, well-equipped kitchen. Or you may settle for a small kitchen so that you can have extra space for a library, nursery, computer room or home theater. Some home buyers seek large, open interior space, while others prefer traditional rooms that afford more privacy. Some choose homes with large yards for gardening or children. Others opt for condominiums to avoid yard maintenance entirely.

While looking for a home, consider whether your needs are likely to change. If you are single, do you anticipate getting married? If you are married, do you plan to have children? If you plan to add rooms, find out whether there is enough space on your site for expansion and whether such additions are permitted by your local jurisdiction.

Click here for a helpful worksheet: Wants and Needs Worksheet

New vs. Existing Homes

New homes cost more on average than existing homes, but they offer numerous advantages. With a new home, you are more likely to have:

• More energy-efficient heating and cooling systems, resulting in lower monthly energy bills
• Central air conditioning
• Better insulation
• Better designed kitchens with all new appliances, including features such as self-cleaning ovens and self-defrosting refrigerators
• Warranty protection on the house itself, appliances and goods within the house
• Safety glass in safety-critical areas
• More serviceable tiles
• More carpeting
• More electrical outlets

Custom-built homes

If you cannot find the home you want on the open market, you may consider buying some land and hiring a Registered Builder to construct a house to your specifications. Before you embark on such a project, however, consider the advantages and disadvantages. Construction costs for a custom-built home tend to be higher than for comparable subdivision homes built with materials and appliances purchased in bulk. Labor costs tend to be higher because of lost economies of scale. Also, you may have to devote some of your leisure time to overseeing the design of your unit. The big advantage is that you will have a home that is tailor-made to your individual preferences.

Condominiums

A condominium is a home in a multi-unit complex, such as an apartment building or townhouse cluster. You own the home, and you and your neighbors jointly own common elements, such as land around the complex, parking areas, building exteriors, hallways, utility pipes and recreational facilities. A condominium owners association is responsible for maintaining the jointly-owned elements. The day-to-day business of the complex is handled by a managing agency. The owner of each condominium unit has a vote in the affairs of the community. Each owner pays a fee to cover the operating expenses of the property, and usually contributes to a reserve fund for replacement (such as a new roof) or improvements (such as decorative landscaping to enhance the value of the property). Changes and improvements to the complex may be made only as you and your co-owners desire. You are responsible for maintaining the interior of your condominium unit. However, you will not have to do outdoor chores. Also, a condominium is more likely than a single-family subdivision to have recreational facilities.

Cooperatives

Cooperatives offer a lifestyle similar to that of a condominium, but rather than owning your own unit, you own a share of the stock of the entire complex. Stock owners are jointly liable for the debts of the cooperative. Both condos and cooperatives have become more popular in recent years. If you find this style of living attractive, visit some condominium and cooperative communities during your home search.