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February
19
19
Homebuyers: Balancing Compromises and Deal Breakers
Everyone has an idea of their dream home and what they want it to be like. But dreams don't always reflect reality, especially if you're on a budget. Your agent will work hard to find options that meet your needs, but you might not be able to get everything you want at a comfortable price. So the question becomes, which features of your home should you be willing to compromise on, and which are deal breakers? Here are a few rules of thumb.
- Compromise On: Size. You can usually save money by getting a house a little smaller than you had in mind. The bigger the house, the more you'll spend on basic maintenance, so a smaller space isn't necessarily a major sacrifice. A little can go a long way, and a small house is better (and bigger) than a large apartment or condo. Likewise, taking a house with a slightly smaller yard is often a good way to keep things within your budget. If your garden isn't big enough, supplement it with a windowsill planter and some potted plants.
- Deal Breaker: Bedrooms. You know how many bedrooms you need for your family. Any house that doesn't have enough is unacceptable. You might think, "Maybe the kids can share a room," or "Maybe we don't need a guest room," but even if the rooms themselves are smaller than you'd hoped, it's important that everyone have their own space. And the longer you live there, the more you'll miss the extra room and regret not holding out for what you wanted.
- Compromise On: Location. There are plenty of great St. Louis homes for sale, but the wider an area you search, the more likely you are to get something within your budget. You might have your heart set on a house within a specific school district or a certain distance from work, but if you're willing to look a little farther out, you might find something better for the same price or cheaper—particularly when it comes to the difference between homes in urban vs. suburban areas.
- Deal Breaker: Condition. This is less a hard and fast rule and more a case of "buyer beware." You can often save money by buying a house that's a little rundown or needs some work, but if that's not what you were looking for, you'll spend more on maintenance in the long run. If you're fine with a fixer-upper, include the money for remodeling in your budget. Getting a home inspection to document everything the house needs is also important. If there are problems or repairs to be made, negotiate either for the seller to do it at their expense or to drop the price a reasonable amount.
- Compromise On: Age. You may have your heart set on a brand-new home, but it's not always necessary or economical. They cost, on average, 30% more than homes that have had one or more previous owners. And just because a house is a few years old doesn't mean it's not still in good condition. The median age of homes in the United States is 40 years, and many are even older. As long as it's been well-maintained, a good quality house can last a long time and be a comfortable and worthwhile place to live.
Our agents can help you navigate the housing market and better understand what's worth compromising on and what you should hold out for. Get in touch to find a great home that meets your needs and fits your budget.
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