Many home buyers begin house hunting with a list of must-haves. This is particularly true for first-time buyers who have heard that theirs is a buyers market. I've notice that my younger buyers really expect a lot, then they're disappointed with what they find because they had read that the market's terrible. In many markets, the best homes for sale are now getting multiple offers and selling quickly. But even in a market where a buyer can definitely get more for his money, why should he pay for things he doesn't need? Just because you can afford to buy a 10-bedroom, 12-bathroom home with separate butler's quarters doesn't mean it's a good idea. Wouldn't you rather spend that extra money on something else? It's good to know what your deal-breakers are when you're looking for a home, but you should also be realistic about which things you don't need. Consider these 12 possible sacrifices, and then decide which you can give up to find a less expensive house that won't make you regret your purchase. In today's blog I will examine sacrifices 1-3
7. Location
Most cities have an inner ring that's more desired for housing – and more expensive. Most buyers think that's where they 'need' to live, but after they look at some houses there, then they look at houses only one or two miles away, they realize they can buy a house with more of what they want for less money and still live in nice neighborhoods and convenient locations. Maybe you love the idea of a walkable neighborhood, but you really drive everywhere. Why pay a premium for something you never use? The same goes for homes near public transportation. All that said, location is likely the most important factor in your home purchase. Make sure you won't hate your commute after a couple of weeks, that you're comfortable in the neighborhood and that you feel safe. Safety is not a good thing to sacrifice.
8. School district
If you're a parent, a quality education for your children is a big priority and something you should not give up. People will sacrifice a lot of things to ensure their children attend a good school. Some who can't afford to buy in a good school district will rent a home just so the kids can go to a certain school. But homes in good school districts do generally cost more, so buyers without children, buyers with grown children and those who expect they'll move again before their children reach school age needn't worry about the quality of nearby schools.
9. Updated kitchen
One of the biggest misconceptions is buyers think they need granite counter-tops and stainless-steel appliances. Buyers could pick the color of their granite and get top-notch appliances, all for $9,000. They would save money by not having the current seller install those items, and the renovation would take only a couple of days. Buyers see the homebuying and home-makeover shows on TV and think everybody should have granite, but that's something you can add later. It's like when you read fashion magazines and suddenly it feels like everyone else in the world is skinny with a designer dress. Buyers feel that way. Everyone else is getting this, why can't I have it?
tips 1-3
tips 4-6
Coming soon tips 10-12
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