Buying a home can be very stressful, especially if you’re buying a family home. One that you will raise your children in and watch them take their first steps in. Your home becomes the backdrop for the rest of your life so its important you pick the right one.
When it comes to picking your house, at a basic level, you are choosing between three different things. Those are Price, Location, and Condition. You have to consider all three options and each one will affect the others.
One of the biggest determining factors when buying a home is price. If you gave everyone unlimited budgets, how many do you think would still live in the same house? Budget affects a lot of decisions. You need to speak to your bank or a mortgage broker and find out what you can afford. This is very important. You don’t want to waste time looking at homes you cannot afford and get your expectations up. Get a realistic budget set.
The condition of the home you want to buy is another one of the major factors when considering buying a home. Do you want a fixer upper or a ready to move in completely renovated gem?
This will largely be affected by your budget. You may only be able to afford a fixer upper or perhaps you can afford a turn-key home. This is why its important to set your budget so you can find out what kind of home you can buy.
When buying a home location for many is the most important factor. Whether its in a certain part of town, in a specific school district or within walking distance to certain amenities. It’s why the famous saying “location, location, location” exists, thats what matters when it comes to buying and selling Real Estate. However, sometimes you can’t afford the location you want so you need to move to fit the price range you are looking in.
The three factors affect each other a great deal. If you are set on a location but can’t afford the beautifully renovated home you’ll have to buy one in worse condition at a lower price and fix it up to get the location you want. If you refuse to do work and can’t afford the area you want you’ll have to move to a less expensive area to get a home in the condition you want.
So figure out which of the three factors matters most to you. You may not be able to get all three but by adjusting one of them you can normally find what you want in the other two.
So next time you are buying a home, figure out what matters the most to you; the price, the location, or the condition of the home!