They were a couple in their early 30s: an ambitious newspaper reporter for a midsize daily and her husband, a carpenter. Since childhood, the man had cherished the dream of owning a big old farmhouse overlooking a river. Ultimately, the wife surrendered to his plan. But to afford the husband’s fantasy, the pair had to buy a farmhouse in need of serious renovation in a rural area.
After the couple moved, the husband began a major modernization. The project seemed overwhelming, and he soon regretted his choice, which was far from the blissful existence he had imagined. A further complication was that halfway through the renovation the wife was offered a prized reporting position in a distant city. With great reluctance she declined the move because the farmhouse was in such disorder that it would have sold at a loss.
This true story confirms that long-held housing dreams sometimes fail to mesh with current realities–or even current preferences, says Joan McLellan Tayler, the author of several real estate books. “Life is a train trip. It doesn’t stay the same. What one adores at 15 doesn’t always remain what one loves at 25 or 45.”
But some predilections can endure. Peter G. Miller, another real estate author, tells the story of family friends who always loved gardening, especially nurturing orchids. Upon retirement, the couple moved to a place that was smaller than their former residence, but which featured a huge adjoining greenhouse. Having ample space for growing orchids brought them great pleasure.
“A daydream is a wonderful thing to have. But only you can be sure it’s still an up-to-date daydream,” Tayler says.
Here are five pointers for home buyers:
– Trace back to the origins of your home-buying fantasy. The carpenter had not given sufficient thought to why he yearned for a riverside farmhouse. Later, he recognized that the reason was his childhood fondness for fishing and raising pets. Circumstances had prevented him from spending much time on either activity. And as an adult, he had failed to realize that these pursuits were available without investing in a farmhouse. “Consider your motivations before you move,” Tayler recommends.
– Focus on the central elements in your housing dream. A serious look at your core values should help you identify those features that matter most and spare you a wrong move.
An engineer in his mid-40s had long imagined how he and his wife, a professional speaker, could build a custom estate. He drew up elaborate drawings for a spacious new home surrounded by princely topiary gardens. But his plans evolved into an estate that was far larger than he and his wife could afford. She insisted that he rank his dream property’s features in order of priority.
To his surprise, owning a place with well-pruned topiary gardens topped his list. The exercise also revealed that he didn’t much care about house size and was content to give up the three-car garage and circular driveway.
“Sometimes you have to be flexible to afford what you really want,” says Miller, author of “The Common-Sense Mortgage” (Contemporary Books, 1999).
– Recognize that housing daydreams can be faddish. Are you old enough to remember when shag carpeting was in vogue or when owning a home gym seemed essential to stay fit? Both are now out of favor with most home shoppers. When you envision your ideal property, remember to sort out the transitory from the enduring.
– Consider the labor involved in the common “big house fantasy.” The current era of affluence may have treated you so well that you can afford to buy a home with 3,000 or more square feet of living space. Nowadays there are bountiful opportunities to find such mega-homes, especially in outlying suburbs.
But real estate specialists urge you to consider the labor involved in upkeep on a large home. “Where do you find staff people today?” Miller asks. And you should be wary of doing the work yourself. “It’s not gracious living when you have to clean four bathrooms, vacuum thousands of square feet and still mow the lawn,” Tayler says.
– Honor lifestyle values that have remained constant for years. Have you always aspired to live in a handsome stone house? Have you always hankered to reside in a faraway state where you find the climate more agreeable? Then such core preferences should be fulfilled, assuming that doing so is practical.
