Top 5 Factors To Not Compromise On When Home Buying
When you are shopping for a new home you typically have a long list of features or wants for your new home. Today on our blog we will give you a list of the top five very important factors we suggest not compromising on when buying your next home.
Location, Location, Location
Of course, buying a home is all about the location. You are making a major investment, somewhere you will more than likely live for the rest of your life. Location is a very important factor when home shopping for various reasons. You can always change the way the home looks, but you are not able to move it to a new location. The home’s location determines the school district, amenities, local recreation, entertainment, community services, the local economy, public transportation, commute times and so much more. It is possible to choose the perfect home in the wrong area, and for many owners, the location of their home can be a major reason they end up selling sooner than they first expected. Compromise happens when buying real estate, but location shouldn’t be an item you compromise on. If you compromise now it could cost you in the long run when you have to move again.
Home Size
Square footage might seem like an easy thing to compromise on, but the reality is that very few buyers will have the ability to add additional square footage to their homes. Square footage and anything else pertaining to the actual structure of the house should not be compromised on. Adding any type of add-ons to the home can be very costly in not only building costs, but also permits for the construction. You also run the risk of finding reliable contractors to build your add-ons, along with living in the home while construction is going on. Huge additional add-ons to the home can be very costly, thus making this more of a dream than a reality for many homeowners. Think down the long road the size of home you will need. Do you plan on having children one day, but you live in a 2 bedroom home? Will the house fit huge family functions that you like to host every holiday season? Do you live in a huge house now, but the kids are all grown and moved on so you need something smaller? It’s easier to find a home that fits your needs now instead of changing the actual structure of the home later.
Is The Home a Flop
The condition of the home is a very important factor when searching for a new home. Many times you already have a particular budget in mind for your new home. So having additional costs such as for a new kitchen renovation, could easily make that small budget quickly balloon. Home improvement shows make home renovations seem very simple when in fact they are quite the opposite. Not only is a home renovation costly, it is also time-consuming if done by someone doing it themselves instead of hiring licensed contractors. Keep in mind the time frame a renovation would take. So, are you needing a home where you can move in once closing is done? Do you have the time to wait 6-12 weeks to move in while the home is being renovated?
Money Matters
The key factor that will guide your real estate search is your budget, and the price point you need to stay within. For buyers that will need to take out a mortgage loan, the price cannot be compromised on. Getting pre-approved for a mortgage is a must, as it allows a buyer to understand exactly how much money they have to work with during their real estate search. Keep in mind just because you are approved for a loan of $500,000 doesn’t mean you should go out and buy a home for that amount. If your needs and wants are met by a lower priced home we suggest purchasing the lower priced home. Buying a home for more than you can personally afford not only impacts your budget, it also leaves you “house poor.” If you compromise and buy above your means, you may have to make sacrifices in other areas to afford the house.
Working With an Agent
Buying a home is not only exciting, it can also be stressful and time-consuming. Working a full-time job and home searching can be overwhelming. Working with an agent when you’re buying a property is one item you should never compromise on. Services and expertise aside, a great real estate agent will know the area so they can help you lock down the best location. They will also know the current market listings and features of most of the homes currently for sale. By knowing this information they can assist you in finding a home that fits your square footage requests, thus saving you money in the long run. Most real estate agents also work closely with mortgage companies so they can also guide you to the best mortgage officer that will help you get approved for your next home purchase. With the best real estate agent they can ensure you cover all the basis on items you should not compromise on when searching for a new home - location, size, renovation needed/renovation not needed, and money.
Contact us today for your home buying needs and questions. We’re also here if you plan on listing your home for sale.
