Really? Already! Gesh you've just got your pre-approval, you know what you can afford and what you are comfortable paying, you've got a fabulous idea in your mind about the home you want to buy and here I am telling you to compromise!
Let's peddle back a little. The pre-approval tells you what priced home you can afford. Numbers have been crunched and your new mortgage payment will be $WHAT! How much.
As you plop into the chair you realize it's a large chunk of your monthly pay check, so let's first take a look. You see the number you have been given is really the top end of your budget, it does not mean you have to spend that much. So if by maximizing it's going to cramp your social style can you compromise?
Two reasons you will compromise when buying your first Palatine home.
The first is to do with your monthly payment. Afford what you want to and if it's less than your pre-approval, so be it, that's not ever a bad thing. At least you'll feel comfortable knowing you can go out on a weekend, visit the theater every Friday, or buy as much take out as you are used to.
The second is your property wish list. You might have a list of 'must haves' for your new home but the reality is you will not get them all. All of us have an inflated perception about what our money will buy, and even though it is a buyers market, homes that are priced right, are priced right; as a buyer you'll not be able to mandate a lower than market value because you say so.
Be prepared to give some things up. By all means write the wish list and together we'll get as close as we can to your list, but I guarantee somewhere along the way you'll make compromises. Whether it's location, number of bedrooms, upgrades, or decor have an idea in your mind about what you'll give up. If we can check 8 out of 10 boxes, then it's a pretty good bet the house is about as perfect as it can be.
All first time buyers homes can be viewed on Real Estate in Palatine.
Corinne Guest
Realtor & Managing Broker
Royal Advocate Realty, Barrington
Call today 847-363-3686 for real estate and relocation service.
Suburban Real Estate - Lake Zurich, Hawthorn Woods, Kildeer, Long Grove
Perhaps it could happen, at a price. But so far I've never seen ANY house (including the one we built) that can fulfill every single want and wish a homeowner could have.
I think you're wise to counsel people to spend a little less than they "can spend." They'll thank you for that later when they can still afford to buy Christmas gifts!