For the person on a budget, home buying can be difficult due to the compromises you may have to make. Your Realtor® is going to make suggestions, but they can’t control what home you decide to buy. However, it’s worth it to listen to what your Realtor® is trying to say, so that you can understand why they’re steering you away from The Deal Of A Lifetime™ and towards a house that is going to cost you more than you really wanted to pay per month.
When you get approved for your first mortgage loan, you set out looking for a home. Now, there are a few ideals that you’re going to get out of your head before you can really get a home you can learn to love. I say “learn” to love because you are not necessarily going to be 100% thrilled with the home that is best for you to buy. But you can learn to be, through your own hard work and investment of cash.
Like a lot of people on a budget, the first thing you probably do on the MLS is look at the price. Oooo! This one is only ten bucks! That’s my house! That is, until you realize that the foundation is sinking into the bog where the home was constructed or that the roof is managing a slow descent into the kitchen. When major repairs are needed, the house is often priced accordingly; unfortunately these aren’t always repairs that can wait until you “have the money”.
Cheap homes that have great foundations and beautiful roofs and large yards can indeed be found… in the city’s Skid Row. Location is something you’re going to want to take into consideration. Yes, you’ll pay less a month on your mortgage, but the money you save may well go into replacing all your valuables from the latest break-in. Not to mention the fact that you have to walk your beautiful, big yard before mowing it in order to pick up and dispose of the stray needles.
Another thing that you might be looking for is a home with a soul. You know, one of those wonderful old houses that speak to you of your city’s illustrious past? Forget it. At your price range, the likelihood of these homes having up-to-code electricity, proper insulation and windows that don’t hemorrhage heat like a torn jugular is about the same as the video you just shot on your cell phone winning the Academy Award for Best Cinematography.
No, it’s the staid little house that is for sale at a bit more than you hoped to pay and has a bit less of the stuff you were hoping to have in it that you should probably buy. This is not the only house; this is the first house and you can afford to make a few sacrifices in order to have a solid home that will be easy (and cost less) to renovate and improve. The solid foundation, roof and up-to-code electrical will be worth the extra hundred dollars a month in mortgage payments.
Your Realtor® is going to try to steer you towards homes that, while they might not have the character or the lower price, are going to be a financially sound decision for your future. Understand that it’s not the commission they are after as much as the knowledge that you have a home that will provide you with a rewarding lifestyle and future financial picture.
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