There aren’t many experiences that are both as exciting and scary as buying a home. Be careful not to get so swept up in the experience that you don’t keep your wits about you. Here are 5 important things to keep in mind.
1. Be realistic about what price is affordable for you
Know what you can afford so you don’t feel house poor. Whether you like to travel, eat out, attend concerts or sporting events, enjoy collecting or a hobby… whatever you love to do, make a realistic budget that includes those things as well as your everyday housing and living expenses.
2. Don’t forget that location is the one thing you can’t change
Finding the right location for you is vital. You can change things about the home itself, but the location is what it is. Everyone has different needs and priorities that identify the right location for you. Do you need/want to be close to work, trails, public transportation, schools, family, parks, coffee shops, shopping, recreation, etc? Be sure to keep your priorities in mind before you you fall in love with a kitchen and buy in a location that you will come to regret.
3. Identify your ‘must-haves’ vs ‘wants’
Most buyers find they must cross off some ‘wants’ to get their ‘must-haves’. Identify your non-negotiable items, then don’t even look at properties that don’t include them.
4. Consider how you will actually live in the space and location
Both location and home style/amenities contribute to how a home supports you and your lifestyle. Think not only about your current lifestyle, but also if there are any lifestyle changes you would like to make with your new home now or in the future. Consider not only aesthetics and number of rooms/bathrooms but also how you will actually live in the space and location. For example, if you like to cook and entertain, the kitchen and entertaining space may be more important than a master suite… if you want to bike to work you may sacrifice other amenities to be close to a bike trail.
5. Go for 80%
Recognize that buyers rarely find the ‘perfect’ home… even buying or building a new home usually requires some compromise. Find a home that fulfills 80% of what you are looking for, then figure out ways you could make the rest of it work for you. See the potential… don’t get distracted by decor that doesn’t match your taste, things like paint and floor coverings can be changed fairly easily. Be more concerned about basic structure and location. If the overall floor plan and location fit you and your lifestyle, it may have the potential to become your dream home with a little tweaking.
RE/MAX Results HomesMSP Team – info@homesmsp.com
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