Many homebuyers are struggling to find affordable housing. This is true across our region in both urban markets and with lake homes. Unlike recent years when inventory was high, interest rates were low, and finding a great home was easier, now buyers are faced with either postponing homeownership or making compromises.
It may feel hard to compromise, but it’s important to remember that many times this is a home for the next several years, not your “forever home” or “dream home.” If you are faced with making decisions about what to give up when buying a home, here are 3 compromises that make sense, and 5 things not to compromise on in the buying process…
3 Compromises for Home Buyers
1. Yard Size
Outdoor space is wonderful certain times of the year, but if price is an issue, find a home close to a park or other common area. The neighborhood and the market is much more important than how much grass you water and mow!
2. Turnkey Design
Everyone loves the “move in ready” or a place that has everything perfect from their closing date. But if you have to meet a budget, items like fading carpet, old hardware, paint, appliances, and other cosmetic issues can be addressed over time.
3. Extra Living Space
Consider carefully if you need the extra bedroom, guest quarters, or great-room living space and compromise where you can. Is this a “need” or a “want” in the context of buying your next home?
5 Things You Never Compromise
Real estate is always about location, location, location!! A smaller home in a great area will hold value and be a great place for years to come. Whether you end up staying or upgrading to another home, the right spot has great value.
Always make sure you have access to adequate parking for your needs. Think of 4-seasons and how the parking space, number or drivers, guest parking, and snow removal will work in various scenarios.
3. Building Quality
Good bones make a difference; cosmetic issues can be changed. When you are shopping for a home make sure it’s a quality place. Get an inspection, look past all the little things and ensure it is a solid home.
Never buy a home and compromise on your safety. The neighborhood, structure, and living situation should be a safe one for you, regardless of budget and goals.
5. School District
Regardless of whether or not you have children, being in a quality school district is always an important factor. Even if you never have children, future buyers will always care about area schools and a quality district will drive value in your home.
Buying a first home can bring compromises and as market prices and interest rates rise, more home buyers are having to be realistic about their options. When shopping in your desired communities, consider where you can make compromises so that you are able to start building your future with a good quality investment like a home!
Please reach out if you are looking to connect with one of our Realtors and explore homes in your target area. With over a decade of experience we work in several Minnesota and North Dakota markets as buyer agents. Contact Us to start the conversation on your home buying goals. We look forward to helping guide you to the right market and the right home for you!!