Get free access to our world class MLS search tools, save your favorite listings, create saved searches & much more!

What Not to Compromise on When Buying

Posted by Mastura Zaini-Roberts on Sunday, November 5th, 2017 at 8:41am.


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.

 

Location

Location. Location. Location. Or at least that's what they say, and they're right. Location is one of the most important aspects of real estate, and you should be very cautious about compromising on this when buying a new home. You can change a home, but you cannot move it (well, most homes you can't move). Location is everything –it determines the school district, amenities, recreation, entertainment, services, the local economy, public transportation, commute times and so much more. It is possible to choose the perfect home in the wrong area, and for many owners, the location of their home can be a major reason they end up selling sooner than expected. Compromise happens when buying real estate, but location shouldn't be.

 

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).

 

Condition

With the number of home improvement and flipping shows on U.S. cable television channels, it might seem like buying a fixer upper is a great idea, because all the POTENTIAL! But unless you have a budget that will allow for tens or hundreds of thousands of dollars of work, have an open schedule to manage the projects or enough time to stay in regular contact with any hired contractors, and have the sanity to wait the weeks or months it may take to remodel the property, the condition of your new home should not be compromised on. You don't have to buy a brand-new property (unless of course you're searching for one!), but if you're looking for a house that is move-in ready, don't buy a property that needs some major TLC.

 

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.

 

Working with an agent

Buying a home, whether a first-time or experienced homebuyer, is not only exciting, it can be stressful and time consuming, and for many of us who work full-time, searching for a home is not something we can just 'do.' Working with an agent when you're buying a property is one item you should never compromise on. Services and expertise aside, real estate agents know the market, know how to find the properties that will fit your needs and wants, and they know what to expect when it comes to paperwork because it is their job to know. Using an agent is always recommended when buying a home – no compromise needed.

Mastura Roberts
(702) 710-3330
offers@greatlasvegashomes.com

Team Leader, The Tonnesen Team
Berkshire Hathaway HomeServices, Nevada
3185 St Rose Pkwy #100 Henderson, NV 89052

With over 30 years of experience helping families call Las Vegas "home!"

Related Blog Posts

New Home Developments Sprouting in Las Vegas Valley Again!

While the resale market for Las Vegas single family homes seems to be holding steady at around 6500 listings actively on the market (not yet under contract) and still tilted towards a seller's market, Las Vegas new home builders are finally opening up new developments around the Valley. Spring in Sprung! With the much...

Resale Report | November 2017

Overall availability in the Southern Nevada resale housing market continued to tighten through November 2017, which contributed to rising prices. The single family market posted 1.8 months of effective inventory, while the condo/townhouse segment reported 1.3 months. Median single family pricing reached $261,500 durin...

If You Refinance a Mortgage, When Will You Break Even?

Part of the process of deciding whether to refinance your mortgage is figuring out when you would break even. Without knowing that, you may be shocked to learn that it could be years before you start saving money. Look, this isn’t going to require IBM’s Watson to calculate. In fact, you just took a...

August 2017 Las Vegas Market Report -- Important Stats and Trends

  Through July 2017, the Southern Nevada resale housing market continued to trend in a positive direction.   Prices edged up further (+10.2 percent), closing volumes jumped from the prior year (+10.8 percent) and effective availability remained limited (1.8 months).     The overall condomi...

HSA Home Warranty Helps Las Vegas Homeowner

We wanted to extend public kudos to HSA Home Warranty Company for going way beyond the expected for a Las Vegas home owner! This week one of our agents, Maxine, who had purchased a warranty for her home, opened her front door to discover that, after a day of 110 degree temperatures, her air conditioning system was comp...

Leave a Comment

Have a Question?

Contact Us

Follow Us