The team at AlpharettaZen hopes this newsletter finds you well and thriving.
In today’s economy, we at Alpharetta Zane understand that so many individuals and families are interested in purchasing a home but are hesitant due to money matters. Taking on the real estate market on a budget is challenging for prospective buyers and requires lots of patience and perseverance. We have put together a small guide hoping that those of you who need some encouragement in your home buying journey this spring will be inspired and feel more confident.
Settling on Priorities and Budget
The first step on a highly price-conscious home buying journey is ruminating and laying down what is most important to you. This allows for a smoother, more decisive process as you explore and tour all your possibilities. Interested buyers must narrow down what is an absolute necessity and optional, as far as the features of a home. Of course, this is a very personal matter, as some are dead set on having a home with a large backyard, while others will not even consider a house without an open floor plan, to name a few preferences. Still, there are many out there, especially those on a tight budget, who have many ideas of what makes a comfy home but are not adamant about one or two specific features. Whatever is highest on your list, picking out the top three or four elements that you look for in a home is a good starting point in order to create healthy expectations without being too rigid.
Openness to Compromise
Jumping off the theme of properties, those in the market to buy but with limited resources must determine what they are willing to compromise on. This is often a process of understanding that happens naturally through negotiations and financial planning. The reality is that when you have less money at your disposal, you can not afford to be too particular. Once prospective budget buyers have reviewed all purchasing possibilities, they need to sit down and decide what aspects of each property are acceptable, even if not ideal, and which are absolutely out of the question. Being open to bending your expectations during buying on a budget is crucial to finding a decent home for a possible price. That being said, it is imperative to be self-aware and know which compromises are temporary, like wall color, and which are permanent, like the number of rooms and distinguishing which are unobtrusive to a comfortable, livable situation, and which are. This way, budget buyers can make informed decisions and ensure their investment is worth it in the long run.
Staying Open to Repairs
Further expanding upon the theme of compromise, budget buyers can allow their buying process to go much smoother by staying open to having repairs and tweaks done to the house on their own accord after the sale is complete. Along with the advice of a realtor, buyers can determine what repairs are worth the investment and which would be too extensive to justify the compromise. Features like carpet are fairly simple to replace, but extensive issues like piping or mold damage can be too costly to cover. Suppose a home needs some fixing up here and there but is structurally in good condition. In that case, budget buyers can jump on the chance to make their offer more attractive by agreeing to repair needed features farther down the road independently.
The Possibilities of Short Sales and Foreclosures
Finally, budget buyers should consider looking at alternative homes that have been foreclosed or that are about to be foreclosed. The latter can produce short sales, resulting from an agreement between lenders and owners to allow the sale of a home for less than the amount owed on the mortgage. It is a type of compromise allowing former owners to pay back a large chunk while securing a good percentage of the debt for the lenders. In both foreclosures and short sales, lenders and banks almost always want to get rid of the property as soon as possible, opening up the possibility of settling for a lower price. This is where the budget buyer’s advantage lies. It is important to note that some such properties contain costly issues, so a thorough investigation of the condition is in order. Generally, though, the savings win out and make such a sale advantageous for the buyer.
Don’t hesitate to give our expert home advisors a call. We can help you make the best decision for your financial needs. We care about our customer base and seek to provide support wherever needed.
As always, thank you for reading, and we hope to see you soon!
The AlpharettaZen Team