At the initial stages of searching for a home, many people find themselves idealistic, making lists of specific details and priorities. However, as the market increasingly continues to move towards favoring sellers, many homebuyers are already finding themselves frustrated at how quickly homes are selling, and for such a high price! If you find yourself in this category, you are not alone! Below are a few tips that might help you to make just a few compromises that could end in a successful home sale.
1. Prioritize Size vs. Location
One of the first areas of compromise for most people is to evaluate which is more important: size or location? At the beginning, no doubt you had your perfect home and location picked out in your mind, however, think about how big of a deal would it be to have that perfect home not quite so close to work or school? Is the extra commute time worth it, if you are able to get exactly what you want space-wise? Or would you rather compromise on space so that your kids can walk to school and you can avoid rush-hour traffic at the end of the day? Making this first crucial compromise will lead you on a new path that will aid in helping you find the home that is best for your needs.
2. Be Open to a Fixer-Upper
I know! This next one for most can seem very scary and overwhelming! When searching for a home, especially for the first time, you really WANT to envision youI rself living in a space when you are walking through. This can be extremely difficult when the place is trashed, dark, damp or downright creepy. However, it may just be in your best interest to remove yourself emotionally and consider whether the actual space and location of the home may just be ideal. The potential for beauty is there even though initial impressions indicate otherwise, and having the faith in knowing that may be all you have to go on at first. Once it all comes together, however, you will be amazed at the transformation! Plus, you get to pick out all of the details that will make this home the PERFECT fit for you!
3. Evaluate Your Short vs. Long-Term Needs
Consider how long you plan to live in your new home. Most people end up moving several times before they settle and have mostly everything they want. Ask yourself, how important is a really big yard? If you don’t have kids yet, for example, maybe you can move again in a couple of years when that big yard might be more attainable. Or, consider whether you really need to have that extra bedroom right now. Is it something that can be put-off until the next purchase? Weighing these pros and cons can get complicated, especially if you are moving into the home with someone else who is also evaluating what is most important to them. Consider what is crucial for you to have right now, and what can be compromised on for a later date.
4. Expand Your Budget
If it is in your means to do so, consider expanding your budget to get the home of your dreams. Chances are, being realistic about this point will help you avoid extra frustration and missing out on the house you want, considering how quickly the market is moving homes right now. See if there are creative ways for you to make up the difference. Check with your bank or shop around with other mortgage lenders. You may be able to get a lower rate than you had previously thought possible.
5. Stay Put
Lastly, consider all of the factors above. If you sincerely feel as though you cannot compromise on your price or ideal home, consider staying put for a year or two. There is no guarantee that the market will change one way or another, however, if there is no urgency of purchasing at the moment, it may be in your best interest to wait it out. The last thing you want is buyer’s remorse a few months from now, because you bought a home that wasn’t really what you had in mind. Casually keep an eye on the market and see if anything pops-up that peaks your interest. Time may also be on your side to save-up for a bigger down payment or an opportunity to improve you credit score.
Searching for a new home is already a challenge, but becomes potentially even more so when so many others are competing for and prioritizing the same things that you are! Hopefully, the above tips help to re-evaluate what you really hold as the most important elements of your potential new home. Happy house hunting!
Sources:
http://www.realtor.com/advice/buy/home-buying-compromise/
http://abovemag.remax.com/9-tips-for-compromising-during-your-home-search-2/
https://www.zillow.com/blog/5-ways-troubleshoot-home-search-206198/