What Not to Compromise on When Buying

Buying a home can be a laborious task, especially when all the little details are considered. If the search is taking forever, or multiple offers fell through, it can be very tempting to compromise on certain wants and needs in order to finally secure a new property. While some items are definitely worth compromising on, other items are not. Below are some important items that buyers should hesitate on when it comes to compromise.

Square Footage

Square footage might seem like an easy thing to compromise on, but the reality is that very few buyers will have the ability to ADD square footage to their homes. Square footage and anything else pertaining to the actual structure of the house should not be compromised on. A buyer can certainly change the layout of a house, such as removing a wall to achieve an open feel, but buying a home with the intention of adding a bedroom or bathroom is a huge undertaking when one's budget and free time are considered. If you know you'll need a home with four bedrooms and two bathrooms, find a home that fits those specific criteria or has an area that can easily be adjusted (such as a den).

Price

If there's one major item that will guide a real estate search, it's price. For those buyers that will need a mortgage loan, price cannot be compromised on. Getting pre-approved for a mortgage is a must, as it allows a buyer to understand how much money s/he has to work with. But just because you've been pre-approved for a loan of $400,000 doesn't mean you should go out and buy a home for that amount. If your needs and wants can be met by a lower priced home, then by all means buy it; but Buying a home for more than you can personally afford not only impacts your overall budget, it also leaves you 'house poor.' Buyers can get caught up in looking for properties and fall in love with a home at the top of their budget – if you compromise and buy above your means, you may have to make sacrifices in other areas to afford the house, and that rarely works out well in the end.