Buying a house is a really big deal. Not only should you have what you want, more important is that you should focus on what you can afford. A great many people have eyes that are bigger than their wallets, but we’ve all got to start someplace. So while your search may be yielding little results, it may be time to take pause and review your goals.
Consider the following:
- Despite what the lender says you can afford, consider your lifestyle and how much your maximum mortgage payment will affect said lifestyle.
- Is this your first house? If so, take into consideration that it will not be your last. You don’t have to start at the top of your range. Think of your first home as a training ground for future homeownership.
- Considering that the likelihood of this not being your last home purchase, you should look to meet your needs for now and for however many years you plan to be in the home (i.e. 5 years, 8 years, 10 years, etc).
- Be as specific as possible when it comes to conveying to your real estate agent what qualities you want in a home and neighborhood. The more specific you are, the better he/she can help you.
- While buyers may find this hard to believe, more often than not, a house is priced right. So when you find that home that just sends goosebumps through you because it’s got your name written all over it, then go for it. Ask your agent to provide comps for your prospective new home. If it’s priced right, you have to decide whether it’s worth the asking price or worth loosing in favor of price haggling.