In this fast pace real estate market, many home-buyers (especially first-time home-buyers) are not getting what they originally set out to purchase in their home. Why is this? Well, just ask a Buyer who has submitted offer after offer, only to be rejected or eliminated in a multiple offer situation time and time again! Where it’s true that there typically isn’t a house that will have 100% of what you want in a home, you should still be able to get what you really NEED. The January/February 2018 issue of The Residential Specialist magazine says there are 5 things that buyers should never compromise on. Let me break them down for you:
The floor plan or general layout of the home. If you need 3 bedrooms and 2 bathrooms because you have teenagers at home who monopolize the bathroom in your current living situation, get a house with 2 bathrooms! Or if you office out of your home, and need a dedicated office space, get a house that accommodates this! These aren’t luxury items or bonus rooms, these are necessary for the day to day living conditions in your home.
The school district. If you have school age children and are seeking a particular school district, don’t “assume” that the house you buy is in that district, even if it appears to be. Make sure your real estate agent has done their homework and has contacted the district and referred to boundary maps to ensure this.
The neighbors. They aren’t going away after you purchase your home… so if you see that the neighbors are neglecting their home or are having raging keg parties on the front lawn… run fast and far away from the property you thought you wanted! So-called “bad” neighbors can negatively affect the value of your home, not to mention your quality of life while living there.
The budget. This is a BIG one! It’s important to stick to your budget and only buy what you can truly afford. While it’s OK to cut back on going out to eat or picking up your favorite $5 cup of coffee everyday to make your mortgage payment every month, it’s NOT OK for you to stress out and worry constantly because you went over your planned mortgage amount. This only leads to “buyer’s remorse” and you will soon start resenting your home!
The commute. Driving to/from work is something that most of us must do every day… twice a day… so make sure that your home is conveniently located! It’s a good idea to do a “test-drive” from the property to your workplace, (during traffic hours) to really evaluate whether the commute is going to work for you. Keep in mind that extra gas, wear and tear on your car, tolls, and your TIME can cost you a lot of money!
So, while it’s OK if you can’t get everything you want in your next home, it’s imperative that you get what you NEED! (Is anyone else hearing Mick Jagger right now?)
Submitting an offer on a home without ever setting foot inside is not new… and now with the COVID-19 Pandemic, it has become more common place for buyers who simply don't want to take any risks. But is this a smart thing to do?