There are several aspects to consider when buying a new home or even a second home for that matter, most importantly weighing your must-haves against your should haves. You may have already imagined the perfect home complete with four bathrooms, granite countertop, and an open floor plan… the works!
Okay so let’s rewind it back a few notches and consider the fact that this is your first home, but great chances are that it probably won’t be your dream home. In fact, before you get to buy your dream home, you will most likely make one or more home purchases, which is great.
Getting back to finding your perfect first home, the key is to find one that comes as close as possible to your dream home, but within your budget. So here are a few ways to match what you expect in your first dream home with your budget.
Your first home or starter home is more than likely not going to be the one where you’ll live for the rest of your life. And this is perfectly okay because when you think of future salary hikes and savings plans, you can imagine yourself moving into a much dreamier and bigger home. Add to this, your first home will probably be able to provide you with the cash you need to make that bigger purchase or at least partly.
House To Condo
You will have to make a choice between the two at some point, but when you start to play with your options, you must keep an open mind. You may be thinking condo, but what if there’s a house with an expansive balcony, a panoramic view and superior amenities.
Older Construction Versus Newer Construction
Most Americans prefer to buy newly constructed homes, which are generally homes purchased in pre-construction. But be prepared to pay about 20 percent more for newly constructed homes compared to pre-owned homes.
There are several benefits of buying fixer upper type homes such as the ability to renovate it the way you like, and paying a cheaper price compared to a fully constructed home. Add to this, the architectural detail that comes along with older homes that might require attention are unique and are a dream come true.
Balancing Location And Dreams
By now you’re probably already aware of your budget and how much home you can afford for it. Wouldn’t we all like to live in swanky neighborhoods, but unfortunately not all our budgets will support that choice. And keep in mind that you can live in a slightly less appealing location, but it’s highly impossible that you will be able to live in a home that you can’t afford.
So to differentiate between the must haves and should haves, the former are the essentials you need in a home such as the basics, while the latter can be eliminated out of the equation if your budget does not comply.