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When you start looking for a home, you likely have a very specific image of what you’d like it to be.
You probably also envision the perfect neighborhood surrounding that perfect home. All buyers start with an image of the house they wish to own, but in reality, choices usually have to be made to stay within budget.
Prioritizing the Home
There might be certain non-negotiable things when it comes to your new home, such as the number of bedrooms or a two-car garage. But when looking at homes within your budget, you may find that you probably won’t get everything you had on your wish list. The best part about owning a home is that you can remodel it at any time. Once you’re in your new home, you can renovate or even add spaces, if necessary, to create the home you truly desire. And, if you’ve managed to stay under budget, you’ll even have extra money each month to make some of those changes.
Prioritizing the Neighborhood
So you’ve found your dream home, but the neighborhood isn’t exactly what you expected. Too much traffic, some deteriorating houses, or many other problems can detract from the area where your new home is located. In most cases, you’ll face the dilemma of what you can accept and what you can’t, since you can’t change the neighborhood.
In some cases, buying in a deteriorating neighborhood can be a strategic move. If many people are buying homes and improving them, then your home could one day be worth much more. However, you must realize that this is a risk and it may not work out that way.
Another thing to consider is that if you choose to buy the nicest house in the neighborhood, you may have trouble selling it in the future. If other houses in the area are available for less, why would someone buy your expensive house, just to live in that neighborhood?
So, what matters more?
In the long run, when it comes to choosing between the right house and the right neighborhood, you should choose the right neighborhood. While you can improve your house, you can’t count on the neighborhood to change; in fact, it could get worse. So choose the best neighborhood you can afford. Even if the house isn’t perfect.
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