Home Buying

Determining Preferences

Consider your options. People sometimes begin the home buying process without actually thinking about or reviewing their own preferences or circumstances. Other times, family members know their preferences but have conflicting choices. There are many situations that can affect the ultimate decision, but it’s easier to find what you are looking for once you know what that is. This is why the DearMonty.com goal is to help make the most informed buying decisions possible.

There are many reasons to buy a home: an investment property to rent out, a place to live for yourself, or a chance to put your construction and design skills to work with a fixer-upper. Before you even begin looking, it’s a good idea to sit down and take a minute to think about what exactly your goals are before you make a big real estate purchase. Click here to learn the details.

 

Let’s look at some specific questions sent in by DearMonty readers from across the country. Read more Q&A articles about the “Determining Preferences” stage of the Home Buying process:

  1. How to pick the right custom home builder

    Reader Question: We have been looking for a new home for months. Now we are thinking of custom building. We have heard many horror stories about missed deadlines, poor quality and construction flaws. How do we pick the right custom home builder? Shaun and Alyssa D. Monty’s Answer: You have already identified a number of […]

    November 11, 2014
  2. How do I structure the finances of a co-op?

    Reader Question: Monty, we are considering the co-op style of living. What are you and other folks saying about the way that this works regarding the buy-in and the monthly costs? Monty’s Answer: Hello Mike, and thanks for your question. Here are some thoughts, not about any particular co-op. Instead, it is one person’s opinion based […]

    June 10, 2014
  3. A smart way to pick a neighborhood

    Reader Question: Hi, We are ready to begin searching for a first home. We live north of a city with over 4 million people. My husband has a long commute to a close neighboring city. We cannot decide if we should move close to his job, stay where we are (what we are familiar with […]

    October 1, 2013
  4. Where on the East Coast should I invest in real estate?

    Reader Question: Hello Monty. I would like to know the investment advantages and disadvantages noted between the homes located in recreational areas of the ocean beaches of Maryland vs. Virginia. As an example; homes located in Ocean City, Maryland vs. Virginia Beach, Virginia. I am looking for long-term advantages, resale, rental streams, noted replacement or new […]

    August 1, 2013
  5. Buying commercial property for use as personal storage.

      Reader Question: I am buying a commercially zoned property for personal use. I will be storing personal items and not operating a business. The value of the property is $35,000 dollars. Will I be required to get a commercial mortgage? Also, would I be required to carry commercial property insurance or would regular property insurance be sufficient? Bob I. Monty’s […]

    February 25, 2013
  6. Calculating the risk of owning two homes.

    Reader Question: My home is paid for and recently went up for sale (375k). I want to buy another home in the neighborhood (420k). How can I do this before my present home sells? I do not want to miss out on the other home. Thanks, Robyn. Monty’s Answer: Hello Robyn, thanks for your question. […]

    February 18, 2013
  7. Evaluating an unsolicited proposal requires work.

    Reader Question: Hi Monty, My spouse and I live in a rental home that the current owners want to sell to us. They floated an idea in which they become the “lender”, sell us the home and we make payments to them. Is this a dumb idea? Is this possible with the real estate laws? If it can be done, […]

    February 13, 2013
  8. 3 Tips To Master Evaluating A Home

    Reader Question: Monty, I am a first time homebuyer. I have been saving for several years and have a good down payment, but I am in no hurry. I like your column, but there are so many topics to consider. Is there is one single subject that I could focus on to simplify the home buying […]

    December 11, 2012
  9. Buying Homes With Prices This Low

    Reader Question: Monty,houses are selling at one third of what their market value was five years ago. Should I buy one, two or more? Monty’s Answer: The answer to your question will be different for different people. There is no “right” answer. Most of us have circumstances that are unique that others do not share. […]

    September 27, 2012
  10. Renting Rooms To Friends: Pros and Cons

    Reader Question: Monty, I live in an apartment with several friends. I have a terrific job. I am the only one with a steady income. I am considering purchasing a home to get the tax breaks and renting rooms to them. I would not charge them full rent, and, everyone could share common expenses as […]

    May 7, 2012
  11. Should I own a home?

    Should I own a home? We are fortunate because the dream of someday owning a home is a reality in our country. Home owner­ship is a solid symbol of our free enterprise system and is one of our greatest rights as U.S. citizens. It offers some income tax advantages and is often viewed as a […]

    January 10, 2012
  12. How do I choose a home builder?

    Before You Begin Your Builder Search Just as with buying or selling an existing home, building a new home can be a complicated process. Fortunately, there are steps one can take to avoid costly problems and unsatisfactory results. At the same time you can provide more input to achieve the outcome you want. First, as […]

    January 4, 2012