In today’s market, its tough not to want to jump on the first address that becomes available. That being said, depending on a buyer’s circumstances and the reason driving their search for a new home, that may be EXACTLY what they should do. For the rest of the buyer pool who may have the luxury of more time to look, we’ve provided advice based on decades of educational-experience to help you decide if a compromise is worth considering when deciding on your next home.

We’ll review the following:

• How much do you want to spend?
• What part of town do you want to live?
• Do you buy a house that needs work to be done, or home that is already current?
• How much room do you need?

Let’s talk price:

First, is this a transitional home that you will live in for a while, and then replace with another? Or do you consider this next home, your forever-home? The answer will greatly dictate how much you would be willing to go over your budget, to get everything that you want. As a compromise, this can be a tough one to consider, and be tempting to overspend now to curtail future upgrade expenses to your new home.

Know the loan “ballpark” you want to be in. (If your buying cash, disregard and have at it!) But if you’re financing, pre-determine your monthly payment comfort zone, and don’t stray from it easily. Laying awake at night after forcing yourself into a higher mortgage payment then you were comfortable with, isn’t going to provide a sleep-worthy night, week, or months.

Now, what part of town:

For families, NAR (National Association of REALTORS®) reports that the school district is the number one factor considered for where to move, closely followed by convenience to shopping and commute to work. For others, it may be proximity to culture, parks, fitness centers and freeways. If important to you, all these considerations can make your new home even more enjoyable. However, the more desirable a neighborhood is due to these factors, typically the higher price per square foot for the homes for sale. It may be a minor difference between areas, but if it’s a not-so-minor house price differential, you may have to prioritize a possible compromise in location.

Buying a project house or not:

Today, television is filled with DIY and real estate investment shows. In most cases, they don’t highlight to the consumer how difficult and time-consuming some remodeling and upgrading can be (also, they have a behind-the-scenes staff of twenty assisting them, which most buyers don’t!) Your decision to make is whether you are considering minor or major changes to the home. Upgrading lights, adding ceiling fans, and changing out door hardware is at the easier end of the remodeling spectrum; replacing countertops, flooring and plumbing fixtures is at the other! Just pre-determine where your limits are from the start, and then if you do have a compromise to make on a possible home, you already know where your benchmark is for consideration.

Last, is the size of the home:

If this is your-forever home, you may feel more strongly about ensuring you have the room you need and may consider making compromises in the above three areas to get it. Or is your present situation moving towards a future upsizing or downsizing (a new baby on the way, or kids getting ready to go off to college?) Thinking about how long you will be in this home will help you determine minimum size requirements.

You can do this!

Your dream home exists, and we can help you find it! We’ll take the time to get to know you and what you truly need to improve your future lifestyle…and then, we’ll find the right home to match it!