Buying a home can be a lot of work, especially when considering all the details. If the search seems like it’s taking forever or multiple offers have fallen through, it can be tempting to compromise in order to finally secure a property. While some things are worth compromising on, think twice before doing so with the following:
Location is one of the most important aspects of real estate, so be very cautious about compromising on this when buying a home. Location determines the school district, amenities, recreation, entertainment, the local economy, commute times and more.
Square footage might seem like an easy thing to compromise on, but very few buyers will have the ability to ADD square footage to their homes. Do not compromise on square footage or other structural characteristics of the house. Buying a home with the intention of adding a bedroom or bathroom is a huge undertaking when one’s budget and free time are considered.
Condition – With the number of home improvement and flipping shows on TV, it might seem like buying a fixer upper is a great idea, because all the POTENTIAL! But unless you have a budget that will allow for tens of thousands of dollars of work and have an open schedule to manage the project, the condition of your new home should not be compromised on. You don’t have to buy a brand-new property but if you’re looking for a house that is move-in ready, don’t buy a property that needs major TLC.
Price – For buyers who will need a mortgage loan, price cannot be compromised on. Getting pre-approved for a mortgage is a must, but just because you’ve been pre-approved for a loan of $250,000 doesn’t mean you should go out and buy a home for that amount. Buyers can get caught up in looking for properties and fall in love with a home at the top of their budget. If you compromise and buy above your means, you may have to make sacrifices in other areas to afford the house, and that rarely works out well.
Working with an agent – Buying a home is exciting, but it can also be stressful and time consuming. Working with a qualified real estate agent is one item you should never compromise on. Real estate agents know the market, how to find the properties that will fit your needs and wants, and the paperwork and steps involved in a successful real estate transaction. Using an agent is always recommended when buying a home – no compromise needed!
Owner(s): Todd Stock
Phone: (260) 436-6363