Purchasing a home is truly one of the biggest life decisions for a lot of people. It is not uncommon to second guess one’s self more so when you’ve finally decided to buy a home. Some even go through the joy of thinking that they’ve found the perfect home only to get sidetracked by another even more ‘perfect home’ of their dreams.
Finding a home is truly challenging because it is easy to get overwhelmed and think that there is always another home that’s better out there. Because of this, some home buyers feel as though they’re simply settling when the fact is, they’re about to buy a home that they truly like. To avoid confusing feelings when buying a home, we suggest to never make the following compromises as suggested by veteran real estate professionals.
Going for Longer Commute Time
Buying a home from a community that’s 2 to 3 miles away from your intended area may seem like not a big deal. Afterall, 2 to 3 miles can translate to no longer than 10 minutes extra travel time, right? Wrong! Depending on the area, an extra 2 to 3 miles can take as long as more than 30 minutes of extra travel time unless you’re willing to walk. More so, this can mean 2 to 3 miles farther away from schools, hospitals, stores, and the like. It may not seem like a big deal now, but it can get stressful when you have to drive a lot longer just to go buy a litre of milk.
Paying More than Your Budget
What’s a few extra hundred dollars a month for a home that you’d like to have? Although a lot of people can be okay with a few extra hundred dollars a month, know that this can add up per year and may eat up funds for home maintenance, repair, HOA fees, and property tax. It is best to avoid going over your budget.
Settling for a Neighbourhood far from Good Schools
Buying a home from a neighbourhood with good schools will work in your favour whether or not you have young ones. Homes in great neighbourhoods are easier to sell in the future. If you have children, giving them a head start at a good school can mean better chances of success. Note that some schools require you to be a resident of certain locales to accommodate your child.
Buying a Home Just Because it is Available
A home is a huge purchase. Even for those who live an affluent life, buying a home can still take up a significant portion of assets. This means that if you buy a home that you do not like, it can take a while before you can sell it to someone else and your money is tied up to the home until it is sold.
Losing Focus Because of Superficially Irresistible Offers
It is easy to get sidetracked when you find offers that seem like the chance of a lifetime. Maybe you found a fixer-upper that seem to be unbelievably cheap. Before you commit to making that your home, you must know the emotional, physical, and financial cost of investing and renovating such a home. You might actually save more just buying a new built!
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