This is the third part in a blog series about home buying in Portland. Written by Oregon Broker, Shayna Denny, the series covers the steps home buyers need to take in order buy a house in the Portland Metro area.
Rank Your TRIAD OF PRIORITIES
Sounds scientific, right?
There are three main objectives when looking for a home:
- The House Itself
Depending on who you are, the specifics of these three objectives will rank higher or lower on your priority list. I call it your Triad of Priorities… and you will need to rank them. Most home buyers (especially first time homebuyers) will not be able to purchase a home with every single thing they are looking for.
Price – Location – The House
Many people are not very flexible on price; the price objective will rank high on your list of priorities because you’ll want to stay within a comfortable budget. That usually means you will either need to be flexible with location, the house, or a little of both. For example, if you want to stay in a particular neighborhood, you may need to settle on a smaller house that needs some updating and repairs. Or maybe you would really like a newer, modern house or need a bigger house with more bedrooms or square feet. In that instance, you may need to be flexible about the location.
Alternatively, maybe you have some flexibility in price. Maybe you have the option to borrow money from a parent or purchase the home with another person. If you are really set on a move-in-ready home in a specific neighborhood, maybe you will be ready to spend a little more than you originally thought. Maybe you can buy a bigger house and plan to have roommates to help pay the mortgage. There are definitely some creative options out there!
The majority of people buying a home will have to be flexible on at least one of these priorities. Sometimes, as you’re looking for a home these priorities will change. And that’s okay. But, taking a look at what is most important to you going into this process will help make the searching process smoother and may save you some heartache in the end!
Read some of the home buyer testimonials written for Shayna Denny.