Unless you have unlimited resources there are two distinct choices you will be facing when buying a home. These choices are , in most cases never really articulated. Most home buyers eventually arrive at this realization but coming to it sooner will save a great deal of time and frustration.
A group of us at Red Oak Realty were discussing recently ways that we could help our clients in the home buying process. One of the things we talked about were the decisions facing home buyers as they move through the process. Of these decisions perhaps the two biggest are as follows.
Most of us will have to choose one from each group. This is a forced choice. Which in each group is more important? Choose either Time or Money. Then choose Location or Condition.
Lets look at the first choice. We have a budget. We can save money by buying a short sale, fixer or REO (bank owned foreclosure), but these take more time. Or we can save time by purchasing a conventional sale in a home that is remodeled and move in ready. There are lots of variations to this equation. But the idea is simple: Choose which is more important.
The second choice is not as obvious to most buyers. Lets face it, how many times in our lives do we buy a home? If location is most important to you then you will notice that the 'desirable' locations tend to be more expensive so you end up getting less house for your money. Whereas you may be able to get everything you want in a house in a less desirable neighborhood. Somewhere on this continuum the right home awaits you.
I recommend that the Home Buyer includes these decisions in their home buying strategy. Sit down with your realtor and use these to come up with a plan that quickly focuses your home search and brings you to the home that most closely matches your needs.
As usual, let me know if I can help.