The Perfect House and You: Accepting Tradeoffs?

Answer 1

If you have been one on the fence about buying a house like I have, you have likely been encouraged by persistently low home prices and historically low mortgage rates. After weighing the many Pros and Cons of buying vs renting, I came to the conclusion that housing was beginning to come out ahead. As such, we have set out on the arduous task of finding the perfect home for us. Here are some factors to keep in mind.

Narrow Down What You Want

Before you even begin looking at houses, you will want to get a number characteristics you want out of a house. Don't make it too broad, but work with your spouse and specify what you are looking for in a home. Square

footage, finished or unfinished basement, pool or no pool. All of these will help you avoid unneccessary time looking at houses you won't like to begin with.

Compromise

You may have heard the popular real estate motto: Location, Location, Location, but you'll also need to realize that you won't be able to put together price, location, and quality. Chances are, in order to work within your budget, you will need to compromise on one of those three. If you want to live in a very upscale neighborhood, for example, you will probably have to buy a fixer upper to get the mortgage payment within your budget range. Between those three main factors, decide what you are willing to budge a little on. Never buy a house that you simply don't like, mind you, but if you come across a home that you love that needs a little cosmetic work or the neighborhood is close where you want to be but not exact, consider going for it.

Considering the magnitude of the decision, buying a home should be a long and patient process. Decisions on the home you want to buy should not be taken lightly, and always have a detailed dialog with your spouse so that

you are both happy when you finally decide to pull the trigger.

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