iowahomeloans

Eliminate Tunnel Vision When Shopping for Your New Home

Posted on: July 20, 2012

First-time buyers commonly experience tunnel vision when they’re shopping for a new home. They get an idea in their head of what they want, and they eliminate a wide variety of homes that don’t fit their criteria while they’re focusing on that elusive “perfect home.” Even current home owners sometimes have the problem of tunnel vision when they’re shopping for a home.

 

Unfortunately, this kind of extremely focused selection criteria can make the home-buying process much more difficult – or even impossible. You may not be able to find a home that meets all of your criteria, or that fits within your timeframe. So eliminate tunnel vision for the best success in your home search.

 

The Concept of Starter Homes

The idea of “starter homes” in real estate is that you buy your first home as something relatively small and modest that you can actually afford. As time goes by, you save money, accrue equity and potentially earn more money, you can sell your starter home and buy a bigger home. Most people don’t get their dream home until their third or fourth home. So don’t try to make your first home your dream home – just find a home you can live in and that you can reasonably expect to resell in a few years when you’re ready to move up.

 

Think about a Home’s Potential

Some people fall into a trap of looking for a home that has everything they want, right from the start. They try to find a home that will require zero effort or modification to be perfect for them. This is a recipe for disaster. Finding the perfect home is nigh impossible, and if you do find it, it’s probably priced far beyond your range.

 

Instead, look at a home’s potential. If you make some changes once you buy, can it come close to meeting your preferences? You can easily change appliances; with a little more work you can change countertops and bathrooms – if you’re willing to put in the money and sweat, you can turn a home with potential into something you’ll really love. Don’t just look at the homes that already have everything you want – think about a home’s potential, too, to find a home that can grow with you.

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