Do we dig deep and
buy a dream home or settle for a starter home?
Choosing between
a smaller house in an affluent neighborhood, an older, bigger house in a more
working-class community or a brand-new home is not easy. If you're in this
situation, start by examining your priorities and asking the following
questions:
* Is the
surrounding neighborhood or the home itself the most important consideration?
* Is each of the
neighborhoods safe?
* Is quality of
the schools an issue?
* Do any of the
areas seem to attract more families with children or adult residents? And where
do you fit in?
As for the
return on your investment, home-price appreciation is hard to predict. In the
late 1980s, and again 10 years later, the more expensive move-up housing
appreciated wildly. But during the recession that followed, smaller homes
tended to hold their value better than more expensive ones.
What do all of
those real estate acronyms in the ads mean?
If you find
yourself stumbling over weird acronyms in a real estate listing, don't be
alarmed. There is method to the madness of this shorthand (which is mostly
adopted by sellers to save money in advertising charges). Here are some
abbreviations and the meaning of each, taken from a recent newspaper classified
section:
* assum. fin. --
assumable financing
* dk -- deck
* gar -- garage
(garden is usually abbreviated "gard")
* expansion
pot'l -- may be extra space on the lot, or possibly vertical potential for a
top floor or room addition. Verify actual potential by checking local zoning
restrictions prior to purchase.
* fab pentrm --
fabulous pentroom, a room on top, underneath the roof, that sometimes has views
* FDR -- formal
dining room (not the former president)
* frplc, fplc,
FP -- fireplace
* grmet kit --
gourmet kitchen
* HDW, HWF, Hdwd
-- hardwood floors
* hi ceils --
high ceilings
* In-law
potential -- potential for a separate apartment. Sometimes, local zoning codes
restrict rentals of such units so be sure the conversion is legal first.
* large E-2 plan
-- this is one of several floor plans available in a specific building
* lsd pkg. --
leased parking area, may come with an additional cost
* lo dues --
find out just how low these homeowner's dues are, and in comparison to what?
* nr bst schls
-- near the best schools
* pvt -- private
* pwdr rm --
powder room, or half-bath
* upr- upper
floor
* vw, vu, vws,
vus -- view(s)
* Wow! -- better
check this one out.
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