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Mr Dizzle had a great question on Discourse regarding the challenge of selecting the ideal home and making a final decision. My approach, which I have utilized for decades, involves the use of a matrix. I am aware this may not be surprising given my preference for data driven decision-making. 

The steps involved are straightforward:

  • Identify ten parameters that are significant to you
  • Assign weights/scores to each parameter
  • Use modern real estate search engines to find your perfect living space.

It is important to remember that there is no such thing as a perfect home. 

However, if you can achieve six or seven of your top ten requirements, it is worth considering making an aggressive bid on the property. 

The only way to find the perfect home is to build it yourself, but based on my experience after building two homes, the cost, time, stress, legalities, permits, and money involved make it a challenging and costly endeavor. In life, it is all about compromise. 

The perfect home is out there - you just need to hunt for it and it is so much easier nowadays than it was in the 90's (thanks Redfin, Zillow, etc)

Feedback for myself and Mr Dizzle much appreciated on the thread which you can find here:

https://community.investanswers.io/t/how-to-take-the-emotion-out-of-home-buying/18081 

Files

top 10 factors to choose a home

Sheet1 Parameter,Details,SCORE Age of Home,Older homes cost more to maintain - but also have better bones,3 Energy,Energy efficiency is imp esp if you live in a hot cold climate,5 Feng Shui,good layout, airy, south facing, bright, etc,8 Garden ,Size of the garden, landscaping, and outdoor amenit...

Comments

Anonymous

Thanks James this is amazing. As someone very familiar with Valley wanted to get your thoughts. I bought my castle in 2018 for about $650K SFR starter home, locked my interest at 3%. I’m saving my cash for potential downturn as emergency fund and have a solid job, as solid as it can get despite the downturn. I’m considering buying a bigger home, and turn this one as a rental. How much will you down pay and what % of your take home pay will you recommend? NFA. Also I won’t use my emergency fund as Down pay, I’ll save it. Thank you 🙏

InvestAnswers

that is a perfect model if you can do it, all my starter homes became rentals - all of them - and i moved up the ladder without having to sell out. RE is for HODL

Anonymous

Awesome, as someone who is lookin to buy in the next year, this will be helpful!! Thank you very much!! 🫡

Anonymous

I designed my own home. I was the first one to build in my neighborhood and all the drs and lawyers ended up building afterwards and brought my value wayyy up!!! I would love to buy some acreage in TX and build the same house but with some improvements. I also have a vacation log cabin on a lake in No. Michigan that I want to sell. I’ve thought about trying to sell it for BTC lol

Anonymous

Good thing we met on YouTube James. You have so many projects going on, I don't think it would have been easy meeting you on the street or at the store. LOL. Unless, you like racquetball? If you do, lets play one day. Check out my channel where I post most of the videos of me and my fellow amateurs playing on a weekly basis. https://www.youtube.com/@wolfmanracquetball

Anonymous

Please model out this in more detail with rates when to refi mortgage ins for smaller down payments etc. How Much Price: #1 rule buy more than you can afford - sounds crazy but minimize your downpayment and maximize your house. The math pays off in spades

Anonymous

Thank you. Really helpful James

Anonymous

James, Ireland’s property market is weird because of the protection for mortgage defaulters and because supply is so far from meeting demand - even with astronomical prices. When do you think will be a good time to buy? Terrified of pre-crash buying. Thank you 🙏🙏

Anonymous

I been very lucky I consider myself having my perfect home now! Close to walk (under 2 miles) , great huge garden, more than enough rooms for us all. Love it.

Anonymous

And remind you James, you should watch The Matrix movie sometime 😉

Anonymous

Thanks for this! Looking to buy my first home in the near future. Live and work in NYC currently but I'm looking at NJ for a house. I have enough for a down payment but I'd have to sell a bit of my crypto (doesn't seem like a good time to do that). One mortgage broker I interviewed was trying to talk me into going the FHA route but I've read so many mixed things about it. A lot to consider.

Anonymous

I don’t understand James’s point, minimise down payment spend more than you can afford, how is this beneficial? Currently I’m renting and saving for a deposit, I have a plan to save for two years.

Anonymous

Thank you James and Mr Dizzle!!

Anonymous

James, if you had your bags loaded on TSLA, GOOG and MSTR, where would you be putting money today?

Anonymous

Thanks James!

Anonymous

I would also consider: public transport, tax, public services, like schools, nature, safety

Anonymous

In other news: ECB did a 50 bps. What the fluk are these idiots doing.

Anonymous

This is an excellent idea. I am in the same boat :) Thanks

Anonymous

Pools are holes in the ground where you throw money away. South facing is brilliant. It didn't enter my head. Thank u!

Anonymous

Hopefully next bull will finally generate the deposit Can’t wait to have a garden and start some aquaponics