2.2.2 Tackle the Trade-off Decisions
Tackle the Trade-off Decisions
Gathering Critical InformationWhen you get serious about buying a home, you'll tackle a series of trade-off decisions. They are often difficult, and sometimes agonizing. You'll sort them out as you gather information from three areas of concern.
- Loan types and amounts you will qualify for.
- How much you can afford, what you are willing to spend, and the type of home you would like to buy.
- What types of housing are actually available, where they are located, and at what price?
Bringing the Options into FocusFirst-time home buyers often experience some speed bumps in the beginning. Many start with only a vague idea of what they can afford or what type of property they want to buy. They just want to quit renting and get into the housing market. When buyers match what types of loans they qualify for to the existing housing options, they can begin to understand the trade-offs. In contrast, a family being transferred from out of state may have already worked through all of their loan issues. They may have clear criteria regarding the type of house, neighborhood and community they want. If their ideas match what actually exists in our market, these buyers could be ready for a “focused search.” If not, they too can find themselves faced with some tough decisions.
Working through the DecisionsTackling those trade-off decisions is facilitated by four things:
- Good information on the realistic alternatives available in the housing market.
- Open minded thinking about the full range of lifestyle, financing, and housing alternatives.
- A willingness to abandon unrealistic goals.
- Good, honest communication among everyone involved.