Buying a home? What you should and shouldn’t compromise on
In the current real estate climate, homes are flying off the market in less than a day. Those buying a home are left having to make split decisions and sometimes compromising on homes that may not be their first choice due to the fear of missing out.
When purchasing a home, avoiding rash decisions is key. Homebuyers need to sit down and iron out what factors are most important to them, so they are happy in the long run. However, it can be hard to decipher what is worth a compromise and what should be non-negotiable especially when the inventory is low and searching can go on longer than expected.
Here are five factors to consider when making that choice:
Stay within your budget – When purchasing a home, it can be tempting to spend outside of your comfort zone to get all the amenities that you want. But this could lead you to have higher mortgage payments than you can manage. Therefore, you should use a mortgage calculator and compare it to your other expenses, such as food, health, travel and entertainment —giving you the ability to enjoy your home and live your life within your budget.
Consider all the factors when choosing location — There are many factors to contemplate when choosing the location of your new home. These factors can be general, such as what city you would like to be in, to specifics like proximity to work/what is the commute, are amenities like grocery stores, restaurants and gyms nearby, what school district does the home sit in and what is the outside noise like. Answering these questions can help determine if the location is right for you.
Don’t get a fixer-upper just to save on the price – Despite how easy it may look to renovate a home on television, it takes a lot of time, money and hard work to fix up a home. However, this does not necessarily mean that your home must be 100% “turn-key.” Weigh in on how much time and resources you have for renovating. A home might just need some minor changes, which could be fun, quick projects that you can easily do and in a short period of time versus major repairs that could be costly.
Select a home with a floorplan that makes sense for both the present and future – When couples are shopping for their first home, it is important for them to pick a home that reflects the family they wish to build. Make sure you select a home with enough bedrooms and bathrooms for your growing family.
Work with a real estate agent to help you navigate the search and purchase — It’s important that you find the right real estate agent to help ensure that you find a home that fits your non-negotiables. Your real estate agent should not only have expertise in the market and your needs but also be someone that you relate to and trust. At Homie, we strive to provide excellent customer service and our agents are experts at what they do. Also, if you do purchase your home with the help of a Homie agent, you can receive a refund of up to $2,500* to go toward closing cost, new furniture or a moving service.
* Buyer refund subject to lender approval and buyer agent commission. See full terms and conditions in buyer-broker agreement and agency disclosure.
Dorrie Sauerzopf is a Lead Listing Agent at Homie Arizona and was recently rated in the top 1% of listing agents in Phoenix with over $9 million in sales so far in 2021. Homie is a real estate technology company changing the way real estate is bought and sold by eliminating high fees and commissions. Homie is the #1 listing brokerage office in the state of Utah and growing quickly in the states Arizona, Nevada, Colorado, and Idaho. With real estate, home loans, closing services, and insurance, the Homie Tech family is making every aspect of buying and selling a home simple, affordable, and enjoyable. Finally, the way real estate should be. To learn more, visit www.homie.com.