You’ve dreamt about it, saved for it, and you’re ready to hit the housing market to find your ideal home. Surrounded by spreadsheets and fabric samples, you take a peek online to see what’s out there. That quick look is eye-opening when you find that the homes for sale within your price range have little in common with your dream list.
What do you do when your ideal home doesn’t match up with your budget?
The main thing is to not rush into buying a home that doesn’t make financial sense for you. It can cause stress in your finances and overall quality of life. Stay within your budget for a comfortable financial fit. Also, utilize your realtor as a guide to what is available that fits your budget and ideas you may not have considered to achieve your home-buying goals while keeping it financially friendly. To move forward with buying a home that is within your budget, consider these tips:
Keep Saving. Yes, we know it’s not what either of us wants to hear, but we want your home to fit your needs both aesthetically and financially. If you don’t have the money right now, continue saving.
Casually Home Shop. While you’re not “all in”, scouring the housing market, you can casually keep your eye on what’s available. Your realtor can be a resource, letting you know when a home comes on the market that fits many of the items on your wish list.
Sacrifice a Few Wants. If you can’t afford to buy your dream home, could you consider changing some of your must-haves? Perhaps you stay within your ideal neighborhood, but buy a smaller home to upgrade over time? Or you keep your definitely must-haves and consider tweaking your really-would-like-to-haves. In most cases, a little negotiating can make a big difference.
Expand Your Search. Perhaps you could increase the radius of your search to include homes that are more budget-friendly and still have the square footage you require. Be open to exploring new neighborhoods; you might just find a gem in an area you weren’t expecting.
Above all, be flexible. Keeping your options open will help you find a home you love and can afford.