Where we live determines more about our life than almost any other decision. Who we meet, what we do, and how we think are all shaped by it.
Since I haven’t purchased a house yet, here are my constantly evolving thoughts on where we’d want to live so we can compare this when it’s time to make a decision.
Neighborhood Criteria
Home Criteria
And now a few specifics about the ideal house for my wife and me. We almost inevitably won’t be able to maximize all of these, but keeping them for posterity.
Buying Process
And then when we do buy a house we want to be disciplined. Here’s our rough approach if everything goes according to plan (it likely won’t)
- Live/rent in area for 12 months minimum before buying any house
- Buy a house when confident we’ll be in that area for 5+ years
- Go to 10+ open houses before making first offer
- Spend 24 hours minimum after seeing a house before making an offer
- “If too slow then the market is too hot”
- Be diligent house is right fit
- Only make an offer after you’ve toured a house in person
- Never waive an inspection
- Put down 20% minimum up front
- Higher if possible. Preference up to 50%
- This isn’t “financially efficient”, but as Morgan Housel describes in the Psychology of Money it’s better to be reasonable than purely financially rational and this will help us stress less and sleep better at night