Transitions in life are often filled with endless “what if” questions. Real estate transitions- selling one home in order to move into another- is no different. Buyers often become paralyzed by analyzing the “what if?” questions in the decision making process. What if we have another baby? What if family comes over for Christmas dinner? What if we find we can no longer do outside maintenance? What if mom or dad need to move in? What if the kids never leave?
Buyers are faced with the choice of buying the right home that not only meets their needs for the current time, but also keeping in mind what tomorrow may bring. The right decision will be different for every buyer- but one key element should be consistent. Whatever you buy, keep it within the confines of what you can afford TODAY. Real estate is a long term investment- money will most likely be lost in the event of a quick sale. So, it is important to get what is needed and/or wanted. Buyers cannot afford to find themselves wishing they had that extra dining space or bedroom in 2 years. The key is to balance the needs of today and tomorrow with what the budget is for the here and now.
Bottom line: Don’t buy something you can’t afford just because you might need that extra space.
The key is to find a way to find what you need or may want with what you can pay for. Perhaps that means adjusting the location radius by a few miles. Adjusting expectations on finishes (many of which can be replaced or redone over time) is another way to fit need and budget together. Looking at preowned versus new construction can also help marry the two pieces of what a buyer can pay and what the buyer wants.
When buying a home, your best tool is to have educated representation like Spica Real Estate who can help you with the decision making process and protect your best interests in the process. Contact us today to see how we can help! Now you know the answer to “What Size Home Should I Buy?”