Never Compromise on These Things When Buying a Home

For first-time home buyers, especially, there are certain facets that they should never compromise on. Every prospective homeowner lists features and benefits that are important to them.

It is rare to find a property that meets all of the criteria. Overall, compromise is okay. Having said that, home buyers should not budge on certain factors or walk away feeling like they are settling.

Never Compromise on Purchasing a Fixer Upper

Many of us have seen Flip or Flop and The Property Brothers. Prospective property owners are lured by the appeal of flipping a house, and making tons of money.

But they are not the only ones.

Every day American families consider fixer uppers all the time. Of course, the allure stems from the cheaper price.

But how much will it cost to morph a fixer upper into that dream home you crave?

For those unsure of this route, it is best to avoid going down this path. Not only do fixer uppers tax homeowners financially, but they also gobble up time, stress, and mandate a long-term commitment to achieving the desired outcome. This is why it is important to never compromise on purchasing a fixer upper.

Never Compromise on Commuting

Location, location, location.

Many have heard that phrase before, and it is a pillar of the real estate profession. Illinoisans have the luxury of choosing between a major metropolitan area like Chicago, a spacious remote rural property, or a Chicagoland suburb that fits the happy medium.

Those with lengthy work commutes will quickly discover losing hours each day when they could instead opt to live closer to work. In 2018, “the average American worker spent 225 hours, or well over nine full calendar days, commuting”.

But what if you have children?

The commute to school is equally important in the decision-making process. In 2016, the Bureau of Labor Statistics showed that about 20 million children aged 5-14 travel over two miles to get to school. This is more than half of all pre-high school students in the United States.

All the more reason to never compromise on commuting when purchasing a property.

Never Compromise on the Floor Plan

The floor plan makes or breaks everyday enjoyment. Homes must accommodate your family and their lifestyle.

The house should meet the minimum number of rooms. When home buying, the property should also fulfill space requirements.

But there are other less apparent factors in this decision.

·       Is your family expanding?

·       Do you work from home?

·       Is it challenging to continually go up and down stairs?

Each of these come into play when evaluating a property’s floor plan. While it may be tempting to look past floor plan aspects, those who never compromise on their home’s layout will carry on without having to overcome each of these challenges.

Never Compromise on Your Budget

This is the big one. Shows like House Hunters constantly demonstrate home buyers going over budget. But affordability is also tricky to gauge, which is why it is important to never compromise on your home buying budget.

At face value, there is the home price. Beyond that, there may also be utilities, HOA fees, and property taxes that seamlessly expand the price of homeownership.

Going overbudget prior to managing these items can set homeowners up for long-term financial distress. However, Illinois features a competitive housing market. Today’s home buyers are willing to extend themselves $25,000 beyond their original budget for the right home.

As with all of these criteria, the ultimate decision falls on the prospective home buyers. But each choice contains its own set of long-term repercussions.

For legal guidance on home buying, contact a residential real estate attorney at Lee Scott Perres, P.C.