Chapter 8
Where and What to Buy
In This Chapter
Examining the relationship among location, value, and good neighborhoods
Maximizing your investment
Evaluating detached versus attached homes (condos and cooperative apartments)
Understanding the rewards and risks of fixer-uppers and foreclosures
Considering the pros and cons of partnerships
What’s your idea of the perfect car, the perfect job, and the perfect way to spend a day? Would you have said the same things ten years ago? Probably not. Perfection is a moving target — it changes as you change.
Where the perfect home is concerned, there’s no such thing. For one thing, few people have the financial resources to afford what they think is the perfect home. Even if you’re among the fortunate few with bucks to burn, it’s still highly unlikely that one home will be perfect for you from birth to earth. The home that’s great in your 20s when you’re footloose and fancy-free probably won’t cut it when you’re in your 40s if you’re married or raising a family. Fast-forward another 20 years to when you’re nearing retirement. You may want or need to move to a smaller home that’s easier to maintain.
Don’t fret. Even though no single home stays perfect forever, this chapter shows you how to profitably achieve sequential perfection in your homes. And because moving is expensive, we also show you how to minimize the number of times you buy and sell.
You probably know someone who’s lost money on a house sale. We’re sure that you don’t plan to ...
