Finding the Right Home

So you're ready to buy a home, you've heard it's a Buyer's Market in most places and think you've done your homework.

You feel comfortable with a particular mortgage payment and want to stick close to that but suddenly all the experts (aka everyone who's not in the Real Estate business) are telling you that you simply will never get the house you want for that kind of money.

Are you crazy? Do you really think you're going to find all those rooms for a house in that price range? How can you even think you could afford in that neighborhood? The comments and advice keep coming and luckily it's all free because you're getting what you paid for in this instance.

What do you do? Do you throw away your dreams and keep saving? Do you decide to go for a house that's a lot less than what you want? It's a big decision to make as it is so you want to be sure about what you're doing. So how can you make sure that you do find the home that's right for you and on the budget you have to work with? Well, the reality is you do have to be somewhat realistic and know generally what you get for the price range you're working with. Obviously if your budget says you can afford a $250,000 home and you want to live in an area where homes start at $500,000 chances are small to none that you're going to fall into that kind of deal.

On the other end don't automatically count yourself out for certain things that you're bound and determined to have because in some cases what a home lacks in one area it makes up for in another. For instance let's say you want a great kitchen with high-end appliances and modernized but you have a slightly low-end budget. There are some homes out there that offer some great amenities but the rest of the home falls short.

They have that high-end kitchen because they decided when they first moved there to start with remodeling the kitchen; but there's only one bathroom and it's fairly antiquated. Perhaps the spare bedroom they have that was going to someday be their nursery as they grew into their home hasn't been touched since they bought the house 7 years ago and they decided they wanted to get a larger home in a different area so now you have a bedroom that needs fresh paint and new carpeting, a bathroom that could use some updates but the kitchen of your dreams.

Is it worth it to you to give up those other areas, areas that you can work on as your first projects as new home owners, in order to get your dream kitchen? Chances are if the kitchen is the main focus for you then your answer will be yes.

City Living or Suburbia?

You can also get better deals, depending upon where you're located living in one area or the other; either in the city or out in the suburbs that can make a big difference in pricing. A house in the city may sell for $200,000 while that exact same house moved to the suburbs would cost easily twice that amount, simply because of demand. Vice-versa some larger cities a home would cost you $500,000 because living space is so scarce while that same exact house just outside the city limits is half that price.

It just depends upon the area. You probably know the area well enough yourself if you're from the town you're buying what areas are more expensive to buy in; but if not, your Realtor can guide you and explain the areas of town that are still very nice neighborhoods but homes sell for less for one reason or another.

Many towns have certain "sides" of town that just go for more or less money depending on what side of town the house is in. Let's say, for example, a house on the East side of town sells for around $120,000 while that same house on the West side of town would sell for about $90,000. There may not be any "real" reason why that is other than at one point in time living on the "East Side" was preferred and it's just kind of stayed that way. You can get neighborhood crime reports for particular areas to compare and you may find that they're really quite comparable and not bad areas at all.

Perhaps the "East Side" sells quicker and for more because there's a large college on the "West Side" that tends to make home owners shy away from wanting to live near college kids. The reality is the area that houses more college kids could be a substantial distance from the home you're looking at and has little to no affect on the neighborhood you're looking to live in.

Street Specifics

Some homes on higher traffic streets may sell for less also. Many people will say things like, "Oh I'd never want to live on such a busy street as West 32nd street! All that traffic!" but the reality is you could find an amazingly beautiful house with all of the options you'd love to have at about half the price than if it were on a street just a few blocks away with less traffic. Does that really matter to you? If you have pets or children you can fence in the yard to keep them safe. If you're worried about traffic noise, chances are you will utilize the back patio or yard to enjoy the outdoors instead of the front porch and hear little to no traffic noise.

Most of the time, if you live on a busy street, you tend to just get used to the noise and not even notice it after you've been there for a short time. So now you have the opportunity to get a house for thousands less just because it's on a busier street and the house is everything you've ever dreamed of. Often this happens especially when, through the years the area around the home has grown and the home is older.

When the original owners bought it the area may have not been a busy road but through time it grew busier. They put money into making it their dream home and maybe now have decided to downsize or move to a condo due to their age. Now you have a well kept home with plenty of the amenities you've always wanted and you can get it for a fraction of the price if it were located elsewhere.

The Final Outcome

What it comes down to is having a Buyer's Agent who will work with you and not rush you into having to grab a house immediately. Be willing to wait it out if there's something in particular that you want in a home but couldn't afford in certain areas or if the house were perfect in every other aspect. Sometimes you can take a diamond in the ruff and make it your dream home with a lot less work than you may think.

Sometimes you can luck out and get an Estate Sale where they're anxious to sell or a Short Sale where they need to get from under their mortgage that's gotten out of hand and will be willing to take a low-end bid just to sell. The key is patience and endurance. If you wait long enough and are willing to hold out you just may be able to afford that dream house you've always wanted; even on a budget of what would typically be a "fixer-upper" home.