Have you ever asked for something, and this is the comeback everyone gives?
I have always thought this was a silly statement. Of course if I am going to have a piece of cake, I also want to eat it! So let's talk about that in terms of searching for your dream home.
Let's face it; we all have to live within a budget when buying a home. If I were buying my first home, it would be unreasonable to think of buying the biggest home, in the most prestigious neighborhood, way beyond my budget. But that doesn't mean you cannot get a home that’s right for you, at the level you’re at.
The first step is to talk to a mortgage broker about your pre-approval.
The next step is to make two lists - separated into needs vs. wants. Many times we have difficulty separating the two. Simply put, needs are things that if missing, will cause you to walk away from the deal. Wants are those things that you would really like, but that are not deal breakers.
A sample breakdown might be:
|Close to school||Fireplace|
|3 bedrooms||Finished basement|
|Home office||Fenced back yard|
|Parking for 2 vehicles||Double garage|
You may end up looking at your budget and discover "we just can't have it all" and in the end, you may be right. But, how do you know until you identify all of the things you need and want in a house?
Once you have this breakdown finished, openly discuss both lists with your REALTOR®. By utilizing the extensive tools available to REALTORs® today, you may be surprised at what options become available to you. With some patience, open communication and an open mind, although you may not get everything on both lists, you may be pleasantly surprised with what they can find for you, in your budget.
And, you may well be on your way to having your cake and being able to eat it too!