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Home Priorities: Deciding What You Can Compromise On—and What You Can’t

Before you begin searching for a new home, you might already have your dream home firmly in mind. It likely includes the prime priorities held by any home buyer: the right price, the best quality and the perfect location. Unfortunately, once you begin the search process, you might find that there are few options that encompass all your wishes—and that means that prioritizing your needs is a must! Read on to learn how to decide on your home search priorities, so you can make the right compromises for you.

Price
In general, price is the number one priority when you begin your home search. After all, you shouldn’t buy a home that you can’t afford! Before you begin your home search, take a long, hard look at your financial situation and talk with a lender to learn how much mortgage you can financially manage. Then, with the home price firmly in mind, you can begin your home search. If you are unable to find what you want at a price you want to pay, it might be time to rearrange your priorities, or take another look at your target price.

Location
Depending on your situation, the location of your home might be the most important factor, or one of the least important. For working families or families with children, a prime location means easy access to schools and workplaces, while active families might want a home close to amenities and social activities. However, if you work from home or are in another unique situation, you may not be too demanding about exactly where your home is. The important thing is to evaluate your preferences and decide if location is one of your major factors when choosing a home. If it isn’t, looking at homes in different neighborhoods or even cities could help you find a high quality home that you can more easily afford.

Quality
Are you looking for a turnkey home that you can just move right in to? Or, are you willing to buy a house that needs a little extra love? Depending on what you want in your home, the quality of the home may or may not be important to you. Move-in ready homes are ideal for those who don’t want many projects when they move, or who are too busy to deal with home maintenance—but they come at a premium cost. Fixer-upper homes are ideal for those who are handy and who love working in their homes. However, while fixer-uppers are usually less expensive than move-in ready homes, you should still be financially ready for the costs that a renovation may entail.

When it comes to compromise, only you can decide what works best for you. However, if a larger down payment can help make the difference in your home search, the NC Home Advantage Mortgage™ with up to 5% down payment assistance may be able to help. Learn more about how the NC Home Advantage Mortgage™ can give you the boost you need to get into your dream home at www.nchfa.com/home-buyers.