When buying your first home, it can be difficult to balance getting a home that’s a financially responsible choice with getting a home that checks off all of the features on the list that you’ve been dreaming about for years.
For many first-time homebuyers, at least some of the items on their wishlist will have to be compromised on. But while some things you shouldn’t compromise on, like having a structurally secure home or moving into your desired neighborhood, there are some areas where you should be much more willing to make sacrifices. To help you know where a good compromise can be found, here are three areas where it’s okay to compromise with your starter home.
The Size Of The Yard
If you’re buying your first home that you’ll be living in with your kids, you might want to get a good-sized yard for your little ones to play in. Or, if you enjoy spending time outside or entertaining, having ample outdoor space might be something you’re looking for.
But according to Jordan Wagner, a contributor to RealEstateAgent.com, the square footage of a yard should be one of the first things you’re okay with compromising on. Because you’ll likely be spending the vast majority of your time inside of your home, if the rest of the home fulfills your needs, getting a starter home that has a smaller yard shouldn’t be a big sacrifice to make.
Ideally, most first-time homeowners want to find a home where they don’t have to make a lot of changes in order for the home to be liveable or fit their needs.
Mistakenly, these buyers assume that they need to find a house with their desired finishes in order for a home to be a good match for them. But Erik J. Martin, a contributor to TheMortgageReports.com, high-end finishes can drastically increase the cost of a home. But if you were to put on the high-end finishes that you want, you’d likely save money as opposed to paying for these things in a turnkey home. So if the bones of a home are great but the superficial things haven’t been updated recently, compromising here could save you money.
One Desirable Feature
Before you went out looking for your first home, you likely wrote down a list of what you wanted or needed in a home. Some things you might be willing to overlook. But according to Amy Livingston, a contributor to MoneyCrashers.com, if the home you’re looking at will fit your needs other than missing one desirable feature, this could be a great option for you to purchase. And for some things, like a garage or a porch, you could easily add these items later on, too.
If you’re wondering where you should be willing to compromise when looking at a starter home, consider using the tips mentioned above to help you see where you should begin being more flexible.