Buying a home is a very stressful event and one that does not compare or relate to other "buying experiences". This is partially due to the sheer cost of a home purchase compared to every other thing that we buy or sell during our life time. But that is not the only reason why buying a home is so stressful. The hardest part of buying a new home is dealing with the trade-offs. Yep. Every property has them and every buyer has to figure out which trade-offs work for them and do not work for them (hopefully, they have a great Realtor who is working through this with them). The property's fundamental features are the first set of trade-offs: Price, Location, Size and Condition of the home. In any given budget, you have to make decisions for which features are most important--Location, Size and Condition and to what length you stretch one aspect of your purchase and compromise or give up on another. For example: your number one consideration may be size of the home or maybe it is condition of the home. In order to meet your budget, getting the size of home you want or maybe getting the age/condition of home that you want is going to invariably dictate the areas where you can buy in your price range. The temptation is to want the biggest, newest, nicest and best location--at the price of a lesser home or different location. But we all know that it does not work that way. The only question is--which trade-offs work for you? This is text book Real Estate stuff here. If you and your Realtor are not talking about these trade-offs, you really should be.
The next step dives deeper into the details. You are finding the general size, age and location of homes in your budget and now you have to decide what detailed features you willing to live with and what you are not willing to live with in your new home. Most buyers start out looking for "the perfect house"--meaning the property that has everything on their list and everything that they have seen at some point during their search. Within reason, this may be sort-of possible, but most buyers soon learn that when the laundry list of "wants" reaches a tipping point, there are no houses that meet their long list of desired features.
At this point, buyers sometimes lose sight of the trade-offs and become focused on getting more features than they have seen in their price point, location, size and condition. Often times the house that the buyer is looking does not even exist at all in this price point of this part of town--certainly not in this price point. This is a common experience among buyers and is a part of the learning process. Buyers often have to see first hand what a dollar will buy them in any given location. And then the savvy buyer begins to understand the home buying paradigm and how trade-offs work.
The funny thing about these rules is that they are true--regardless of price point. Yes, you may be able to find exactly what you want for twice the amount of money that you have budgeted for a home, but if you were actually in the higher budget price point to begin with you would be going through exactly the same process of figuring out which trade-offs are most important to make you happy in your new home and which ones you can live without and still be happy.
Making your new house your new home is not a function of finding "the perfect house". I don't know that I have ever seen a perfect house. But finding a house that you can make into your perfect home is achievable 100% of the time. It is absolutely possible.
Let's talk.
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