Posted on: 24 August 2016Share
Applying for a home loan and getting approved is great news. This process will also inform you of your maximum loan amount that you can use to help with purchasing a home. It might be tempting to start looking at homes that are priced right around the maximum that you are able to afford. But, this can lead to issues in the future, as undertaking such a large expense demands extreme financial stability. It is best to aim for staying well under your budget, and it is ideal to know what features are worth sacrificing.
High Square Footage
Do not get caught up in the idea that you need to buy a large home. You might look at a list of homes and figure that the ones providing you with the lowest cost per square foot are the greatest values. But, there are so many factors that come into play when buying a large house that do not show up in this statistic. The basics like taxes and utilities will definitely be on the higher side, and then you have to consider the fact that such a large house may not appreciate in value as much as a smaller home would. It is ideal to aim for a home that is smaller or about the same size as the other houses within the neighborhood.
Although it is certainly nice when you are able to get a two-car or three-car garage, this feature is a luxury that you do not need, mainly because you can park your most valuable vehicle in a one-car garage. If you want additional protection, you can always build a covered carport over the driveway. This feature may not protect your vehicle as much as a garage is capable of doing, but it is close. It is also far more desirable because you will save a lot of money on the home price by not demanding a sizeable garage.
It is easy to put several extra bedrooms on your needs list for a home. You may want to have an office, craft room, and guest room, but all of these bedrooms can severely limit your home search. It is ideal to look past bedroom requirements, aside from what you and your kids need for sleeping comfortably. Most rooms can serve multiple purposes with clever implementation. Things like pullout desks, murphy beds, and slim furniture in general will help you use one bedroom as an office, guest room, and more.
Although it might be nice to have these features, it is worth it not to have them in exchange for lower monthly payments, which will in turn reduce stress and make you a happier homeowner. For help with locating an affordable home, contact a real estate agent in your area.