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7 Ways To Suit Your First Dream Home To Your Budget in South Florida

By
Real Estate Agent with The Medina Real Estate Group DRE # 3056732

What A Dream Home Is

If you want to know what how much your house will sell for in South Florida, Browardy Count go to Home Value or call Irene Medina.Realtor at 954-439-4851.

We all have different ideas of what a dream home is. Be it a cozy place or one that fit the whole family. Some of us might want scenic views while others are happy with a pool. There are a lot of options out there and I am here to help from knowing what restaurants are nearby to how close are the neighbors. I will make your home search easy so you can just relax.

Want to know more? Contact me, Irene, today at 954-439-4851.

7 Ways To Suit Your First Dream Home To Your Budget

You decide to purchase your first home. Congrats!

Although you haven’t found it yet, in your mind, it’s perfect! Open flooring plan, granite kitchen countertops, a walk-in closet … the works!

Not to burst your bubble, but let’s take a step back. You are purchasing your very first home. It may be great, but chances are it won’t end up being your ideal home. In fact, you might be one or two more home purchases and moves away from your “ideal home.” And that‘s perfectly okay. The key to finding the right first home purchase for you is striking the right balance of a home that comes as close to your dream home requirements as possible, but still continues to be within your budget.

Starter Home

The term “starter home” exists for a reason. At the height of the housing market craziness, and right before the bubble burst, many first-time home buyers jumped over the starter home and into a bonafide dream home. Now, we are all painfully conscious of how that all turned out. You have to realize that your first house is perhaps not going to be the one you’ll live in for the rest of your life. That is all right! And the thought of what lies ahead should be interesting! When you think about the undeniable fact that your future holds wage increases and smart savings strategies, the ability to move up becomes more genuine. When you’re willing to jump up to a larger, dreamier house, this first home can offer you the funds for that purchase.

House to Condo

Yes, you are going to need to narrow down your search at some point, but as you start to play with the options, keep an open mind. You might be thinking about a home, but there might be a very good condominium with a stylish porch, a stunning view, and great amenities that could be nearly as dreamy. For your funds, a condo as well as townhouse may get you closer to your goals than a single family residence.

Older vs New Construction

According to a recent Trulia trends report, two times as many people prefer new houses over existing homes. “New” means brand new construction, or houses purchased in pre-construction while “existing” means a house someone else has resided in. In many regions, especially the East, Northeast and South, many of these “existing” homes are homes constructed anywhere from the 1920s – 1970s. For the same price, 2 in 5 of Americans (41%) highly prefer to buy a newly-built house more than an existing home. However, most brand new construction homes might cost you up to 20% more than a comparable older house. Buying an older home could add up to big savings and allow you to get a larger component of the “dream” than a brand new one.

The Fixer

I am a great proponent of purchasing a home that you can add value to, as an alternative to paying the bigger price tag to someone else who had the work done for you. Counteracting a huge asking price along with some sweat equity is a very smart move. In addition, you can get much more home for your dollar, and have the option to arrange and enhance it as time goes on and as you have the available cash to invest in the renovations. Plus, all that original older architectural detail that comes with many fixer-uppers is really a dream in the making.

Managing Dreams and Location

You now are quite clear about how much you are able to afford and the price range you need to consider. Now comes the major tug-of-war between where you want to live and what you can in reality afford. Yes, everyone wants to live in the swankiest part of town. But your budget might not support that option. Be ready for this “price vs. location” battle. I warn you, it may get ugly. You can stay in a slightly less desirable neighborhood, but you can’t stay in a home you cannot afford!

Transitional Neighborhood

Buying in a transitional neighborhood for your first house gives you the ability to get into the market relatively cheaply and build some equity. It may not be your dream hood, or the seaside beach community you want to retire to, but definitely, it’s not going to be your ultimate ideal home. If you can recognize a spot on the upswing, you have secured yourself lots of potential wealth building. The neighborhood may be a little rough around the edges now, however, if you have gauged its transition potential correctly, in three or five years you will be sitting in the middle of a hot new stylish spot, where home prices have gone up significantly!

Knowing The Must-Haves vs. Should-Haves

What makes something about a house a “must-have” and another element a “should-have?” Well, the must-have is essential in your new house. For instance: “We now have a newborn baby, so we must have a two-bedroom home.” However, a should-have is not essential and it could get nixed out of the mix if price ends up being an issue. For instance: “We should have a three-bedroom house. That way we can save one room for guests or for a home office.” That third bedroom is not a must-have and you can or may have to live without it to get into a home you are able to afford. Square footage is also a must-have. For a first-time home buyer, 1,600 square feet could be a realistic minimum must-have, whereas 2,300 square feet is really a should-have. A good, clean, functional kitchen is a must-have, but a gourmet kitchen with double ovens and Viking stainless steel appliances is unfortunately just a should-have.

Understanding your dream house must-haves vs. should-haves really helps you prioritize, because on the ultimate hunt for your dream home — compromises will have to be made.

Happy hunting!

 

When you hire Irene Medina and The Medina Real Estate Group, you hire a team of professionals that will “Stand by YOU Every Step of the Way” from start to finish. We pride ourselves in making sure that we keep your goals top of mind at all times and keep you informed at all times. Please read our reviews from happy clients on this site, as well as our blog.

We are in a sellers market again and you need a team that is very savvy when it comes to marketing your home. It is not a matter of just putting a sign on your home and putting in on our Multiple Listing Service. Our marketing is very internet intensive driven and we implement The Ballen Method on every property. 90% of all buyers find their home on the internet before they call a realtor. We make sure that your house is FOUND. Some of our marketing techniques are the following: We take a professional virtual tour of your home to put on the internet, along with various websites, individual property websites, social media sites and all the other popular sites. We also advertise to the international market. We market to all realtors in your area and to the surrounding neighborhood. We make sure you get the highest and best offer for your home. Their reputation of being a top notch real estate group is well known in the real estate industry. Your chances of getting your house sold quickly and/or your offer being accepted is greatly increased when you use The Medina Real Estate Group.

For Your FREE Home Value go to: Home Value

If you need to short sale your home, please go to:www.FLShortSaleServices.com for information on short sales and to calculate if you have equity in your home now or still need to short sale. We have a proven track record of approved short sales and deficiency waivers.

If you are a buyer looking to buy a home, we pride ourselves in making sure we listen to what your dream home consists of. It is all about you and your future home. We put YOU first! Go towww.IreneMedina.net 

Irene Medina has been in the business of selling and buying real estate for more than 10 years. She became a short sale specialist and helped many homeowners avoid foreclosure and have their deficiencies waved when the market dropped. Market has shifted again and she continues to excel as a Listing and Marketing Specialist to help you get the most for your home in the quickest amount of time, with the least amount of stress! Irene and her team are an award winning team. When you choose Irene Medina and The Medina Group, you choose a team that will always put YOU first.

If you are a buyer looking to buy a home go to www.TheMedinaRealEstateGroup.com.

Client Testimonials

The Medina Real Estate Group

 

 

 

 

Realtor Irene Medina, PA CRS GRI CDPE

Irene_Medina@ymail.com

954-439-4851 – Cell

www.TheMedinaRealEstateGroup.com

 

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Comments (1)

Florida Tolbert Team Keller Williams Advantage
Keller Williams Advantage III Realty in Lake Nona - Orlando, FL
Keller Williams Land Luxury Division Specialist

Great comparison of the different types of homes and absolutely accurate that more more people are asking for new construction when compaingto existing homes on the prices are so competitive

Mar 17, 2015 12:05 PM