The process of buying a home can be grueling. If you find yourself missing homes when they first hit the market and struggling to find a home that fits your criteria, you might need to make some changes to your search. Here are five ways to refresh your house hunting journey and find the home of your dreams.
1. Rethink the neighborhood.
Is your ideal location just too expensive for what your budget can manage? If you haven’t been able to find anything in the neighborhood of your dreams, it’s unlikely that a diamond in the rough will suddenly appear. In this situation, you should start exploring different areas. You might find bigger, nicer, less expensive homes just a few minutes away. Research nearby neighborhoods, and see if they can meet your needs.
2. Be open to some upgrades.
Today’s buyers want a move-in ready home, which is understandable. But if you’re on a tight budget and your heart is set on a specific location, you might have to be open to a few upgrades. Tour some homes that need a little love, and figure out what kind of cosmetic work you’d be willing to tackle. Sometimes, a fresh coat of paint, a few new appliances, and refinished hardwood floors can make a huge difference.
3. Be willing to compromise.
It’s typically difficult for couples to compromise on wants and needs in a home. Usually, one person will be stubborn about needing an extra half bath, a basement, or a garage. Think long and hard about your needs and how necessary they actually are. Can you find a meaningful compromise that will make both of you happy?
4. Make some extra cash.
Sometimes, buyers just need a little extra money to afford the down payment on a house they really love. Get creative with this one. Can you use gift funds from family members? Can you work extra hard at your side hustle for a few months and save the cash? Can you find a lender that offers a low down payment mortgage? Talk to your family members, ask your bank, and shop around. It’s likely that you’ll find a reasonable option.
5. Rent for another year.
If you just can’t find the right home, don’t feel pressured to buy. If things aren’t working out for you, put the home search on hold and rent for another year. View your additional rental year as a positive opportunity to save more money towards your down payment, improve your credit score, and start your home search fresh after you’ve had some time to mellow out. Fortunately, time can often be on your side.