As a first time buyer your choices can be simultaneously overwhelming and underwhelming at the same time. You may find that there are dozens of homes to choose from, or that your budget is simply too limiting. It may also be a case of despite having a limited budget, there are plenty of homes you can afford, but few of them are offering what you really want. It’s frequently difficult to get everything you want in a home, even for experienced buyers. First time buyers typically have it worse, and often have to compromise on their wish list quite a bit just to get into the market.
While building a custom home is probably the only way you are guaranteed to get everything you want, it’s not really practical for the average buyer. So what’s gotta give for you to get your first home? A good idea is to look at your wish list and decide what is a necessity and what you would like to have, but could live without. Some people find location to be the single most important factor, while others care more about the style of the home, or the features inside. For example, you may want a three bedroom, two bathroom home in West of the city, but you simply can’t afford a single-family home in the area – however, there are a few condos that meet your criteria. Would you be willing to compromise? If not, then you may have to cut back on the size of the home you are searching for, either by giving up a feature like a fenced yard or finished basement, or by looking for one bathroom instead of two. As a first time buyer, you will need to be prepared to make some tough choices, or simply wait for more options to hit the market.
Posted by Gurpreet Ghatehora on