Are You Searching for a Home or Cinderella’s Castle? – Part 2
What Kind of Home Does My Budget Buy?
If you’ve been pre-approved for a $250,000 mortgage, you need to look at homes in that price range. Would you go test drive the new Mercedes if you can only afford a Buick? Window shopping higher priced homes is great for decorating ideas once you’ve found a home. While searching, it’s best to stay focused on finding the treasure. Sticking to the homes in your budget will avoid the temptation to go over-budget and end up house poor. Again these realistic tips will help answer the question: are you searching for a home or Cinderella’s Castle?
Start by picking out your favorite neighborhoods. We suggest picking the areas within 20-30 minutes of your job. That may not be possible in cities like L.A. or San Francisco, but it is in Las Vegas. Now go to the website(s) you’ve found that are easy to search. If you’re approved for $250K, search for $200-$250K.
Search for homes in your favorite neighborhoods that are close to your work, family, etc. Don’t add a lot of criteria in at first. You want to just get an idea of what sort of home is currently available in your price range. Are the homes you see similar to the size and style you want? If there are only a few matches expand the search to the nearby neighborhoods. Expand the search radius until you begin to get a feel for what your money will buy.
When you see lots of options, you’ll need to narrow them down. Start by asking whether you need a home that you can move into right away. If the answer is yes, you will need to forget short sales that can take months to close.
What about the age of the home? If you want to spend less on home repairs, replacing appliances, etc., look at newer homes. Limit the search to homes built in 2010 or later.
This is usually the point where buyers may need to make compromises. You’ve decided how much you can afford to spend and that you want a newer home. What other options can you get in your dream home? Pool homes are popular in our climate so we add that into the search. There were 111 options in the Las Vegas MLS before we added the private pool. Adding that requirement brought ZERO results. Looking for a pool home that’s built in 2010 or later for less than $250K is like looking for the impossible.
Possible compromise? There are 32 homes meeting your price and age criteria in subdivisions with community pools. Having a private pool is fun but a community pool doesn’t need maintenance. If you must have your own private pool look at older homes. There are 25 pool homes that were built between 2000 and 2010. Still not a huge selection but feasible.
Keep Your Options Open
No one wants to spend day after day looking at homes that disappoint. At the same time, you don’t want to miss a great home just because you didn’t go see it. The quality of listing photos has improved. We still see some homes without photos. Or the photos are so dark you can’t tell what it’s like. Take a look at the map view. Is the location good? Does the MLS info mention other features on your list? Sometimes the listings without photos are worth a drive by. If the house looks better in person than in the photos, schedule an appointment to see the inside.
You may have to compromise on the type of floors, appliances, etc., in the home. We understand why buyers prefer a home that’s move in ready. You don’t have to do any work and everything’s included in the mortgage. If your choices are limited, consider a home that needs a few updates. Counter tops and appliances aren’t too expensive to change. Carpet is easy to pull up and replace. Ask your Lender how you can make your dream home a Reality with the FHA 203K.
Best tip to find your dream home?
Work with a Realtor who knows the area. They’ll know the best neighborhoods for a home that fits your needs. If your criteria isn’t realistic, they’ll help you narrow it down to the most important features. They’ll help you find the best matches in your price range. You’ll find your home and have plenty of time left to go for a family vacation to see your favorite princess.