You’ve finally saved enough money to venture into the dream of home buying. The perfect home in your book should sit at the right location, right within your budget. That’s perhaps every homebuyer’s dream, but as you begin the search process, you immediately resign to think one thing: the formula is but a pipe dream, and you must settle for a home significantly less than the perfect dream.
While the perfect dream home may indeed exist, there are certain compromises you need to agree on to find it. You might need to set aside your wants and prioritize your needs, but carefully taking into consideration the right comprises.
To help you avoid settling on a home that just isn’t worth it, here are the top three priorities to ponder on as a first-time homebuyer:
The Ultimate Obstacle: What’s the price?
Although undoubtedly the most basic concern, your future home’s price still warrants discussion. This is the ultimate deal-breaker for many, and in most cases, the dream destroyer. You may have found the right style and neighborhood, only to later learn that the prices reach beyond your budget.
While it may be tempting to still compromise your budget, experts warn against this prospect—if your budget tops out at $300,000, it makes no sense to invest in a million-dollar home. The idea of seeking the help of a good mortgage broker may help, but it’s always best to stay within your means.
The Second Big Thing: Where’s the house located?
While the home’s face value matters understand that location plays an integral role in your home life. You may want your home to be situated in an urban area, one that makes entertainment and work accessible. There’s also the choice of the countryside, where life can be a little slower, better, and peaceful.
The location also affects the price—if you wish to enjoy the dreamy city life, prepare for more expensive homes and higher living costs. The country, on the other hand, may perhaps be cheaper but work and entertainment will warrant a longer commuting time.
The Non-Negotiables: How are the interior and other amenities like?
Prices and location are significant factors, but what is the interior and amenities like? Do you need just one bedroom or two, making way for guests and future children? Do you need extra rooms for a home office, entertainment, or perhaps an extra bathroom or two? How much space do you actually need? Is there a yard you can turn into a garden or poolside?
Understand that more space means more expensive prices, but extra rooms can always come in handy. In these cases, think of enjoying value for money!
What can make the experience a little less hectic?
Tip 1: Look for a move-in ready home
Purchasing a home in good condition allows you to enjoy your money’s worth more, as you won’t need to shell out more costs on adjustments. A move-in ready home offers an even better deal, as you will have access to appliances and other add-ins, with quick turning times and minimal delays.
Tip 2: Find good home buying partners
Finding good home buying partners can save you stress and headaches, so look for the right realtor and mortgage broker. You’ll need to research for different service providers before arriving at the right one, so stay patient. If possible, look for referrals and ponder over reviews.
Buying your first home is a dream come true, but the process can be exhausting and at most times, extremely daunting. You’ll soon find that your dream home may not exist, and certain sacrifices need to be made. This makes identifying your priorities paramount to the process, so remember the tips mentioned above. In time, you’ll find a house that you can finally call your own.
Finding the right home buying partner is critical to success, and that includes your choice of mortgage provider. For mortgages in Los Angeles, Lend LA offers the best solutions. We are the premier mortgage broker in the New American Funding, dedicated to helping clients achieve their dream homes. Allow us to help you realize your dreams—contact us today for more information.