Well, maybe not right around the corner, but with the right real estate team on your side, you’ll be on your way to owning your dream home in no time at all! While evaluating the various houses available on the market, you may notice that they don’t all meet your entire criteria. In this article, we’re going to guide you through the things that you should never compromise on when buying a home.
Read on for more!
Before you apply for a mortgage or begin looking at houses with a local realtor, it’s imperative that you do a complete review of your finances. This will give you a better idea if buying and owning a house is in the cards for you at this point in your life.
After doing some number crunching, you can create an in-depth budget based on income, debt, monthly bills and overall financial situation. If this budget allows enough wiggle room to save for a down payment, pay for a mortgage, upgrade and maintain a home, along with all of the other costs associated with life, chances are that buying a home might just be in your near future!
Once you have set a budget, it’s crucial that you stick to it. The only way that you would be able to compromise on your budget is if your income was to rise or a bill/loan payment were to be eliminated.
Once you have been pre-approved for a mortgage and are offered a maximum amount, you should still aim lower than that amount. The last thing you want to do is stretch your budget too far, which could result in overwhelming financial stress.
Compromising on the condition of your future home could lead to a costly mess down the road. not to mention lots of added stress and time spent dedicated to upgrades, renovations and repairs. Unless you are looking for a “fixer-upper” specifically, compromising on the condition of a home most often proves to be more detrimental than not.
This is especially true when it comes to the foundation of the property, roof, plumbing system, and electrical system. Our experts always recommend having an inspection performed, even if the seller has already had one done.
You have a vision for your dream home. Whether it be a modern and open-concept kitchen, a deluxe laundry suite dedicated to organization, or a living room that will one day host birthday and slumber parties, everyone has an idea of what their house should offer them.
Although many houses can be renovated and upgraded to meet your particular tastes and preferences, if the layout doesn’t offer the potential to do so, the house might not be worth investing in. If the layout will compromise your quality of life, it may be wise to move on.
The size of your home and the layout go hand-in-hand. While renovations can be performed to create additional space, by removing dividing walls or adding an addition onto the back of the house for example, sometimes that space is still not enough.
This is especially true if you plan to grow your family in the future. What might feel like a lot of space to you and your significant other now could easily become cramped with the addition of new family members.
If the house you’re looking at has the potential to cramp your style and doesn’t offer enough room to grow, we don’t recommend making a compromise. Your happiness and quality of life is simply not worth it!
The location of your house can set the tone for your quality of living. Some areas have houses that offer lots of space from neighbours, wide streets with many parking opportunities, more affordable price ranges and lots of nearby amenities, while others tend to be overcrowded or overpriced.
Not to mention that the location of your house determines your commute to work, nearby schools, distance from loved ones, and your neighbours. If the location isn’t feeling quite right to you or doesn’t work well with your lifestyle, we recommend skipping it and focusing on your prime location(s).
Your Needs and Wants
It can be very easy to get caught up in the little things. The wrong flooring, outdated bathroom or unmaintained landscape can give you the wrong idea about a house – but those things can easily be changed to meet your preferences. Before you start looking at houses, it’s important you determine what your needs and wants are. Your needs are the things that absolutely cannot be compromised on, while your wants are the places where you can give some wiggle room.
If a house seems to meet most or all of your needs, but is missing a couple of wants, it might just be the house for you. For more information about real estate in Hamilton and Burlington or if you’re looking for a local realtor, contact our experts at The Woolcott Team today.