Buying your first home in the Reno, Nevada area is an exciting time. However, it can become discouraging for some when they are not able to find what they are looking for. The Reno area is becoming a very expensive market and prices are going up each month. In addition, inventory is low and demand is high.
Buying a starter home is considerably more expensive than normal. Buyer are being priced out of the market with multiple bidding wars and when a house does become available, it is quickly bought up by other buyers. This is a similar situation for most people due to growing prices, high demand and low inventory. So what can you do when facing these conditions?
Even with unfavorable market conditions, there are still different options for you to take. You can find a real estate agent who is able to find properties before they become available on the market or off market properties, increase your budget, have patience and wait, or you can lower your expectations wants or needs.
In this particular blog post we will talk about what to consider compromising on when buying your first house in Reno Nevada. If your are willing to be flexible in a few places, you will be able to buy a starter home with no issues. As long as your know where you should and shouldn’t settle you will be able to find something that will not cause your problems down the way.
Just keep in mind one thing. For most people, the first home they buy is often a starter home. Which means a property they tend to sell or rent out in the future. Often times of people with small families, limited income or do not need a lot of space for now.
If you fall into one of these categories or something similar, you can risk being less picky. Since you probably will not live in it for very long.
However, if you want your first home to be your dream home and you do not want to compromise, give us a call or email today. We specialize of finding people the perfect home. We have access to off-market houses and information homes before they hit the market.
If your are willing to compromise here are six things you should consider when looking for homes for sale in the Reno, Nevada area.
When looking to buy a house, some first some first time home buyers have an unrealistic picture of what their first home should look like. Those images and the resulting expectations usually have to be changed. This is an area that you should think about compromising when buying a house in Reno Nevada. Since most likely you will be selling in a few years.
Since inventory is low in all of Nevada, this is necessary. Especially in northern Nevada where starter homes or similar properties are most affected.
This means you’ll probably have to adjust or lower your standards to find an affordable starter house. You don’t have to settle for a run-down shack, but you’re going to have to stop holding your dream home for now.
If there is a shortage of available properties in your price range, your can settle for a little less. For example, less square footage, less amenities, smaller yard or kitchen, different neighborhood, etc. Talk to a real estate agent in your area to help guide you in finding the right home.
Whenever you buy real estate, location will always be the number one factor. Location is what drives values of houses. It also is the main item one most buyers home shopping list. Even though location is the number one factor for most people, it is still something you can compromise on.
With the market being the way it is now, although not impossible, it will be difficult to find your first home in the most ideal area. We are not suggesting you go buy a house in a high crime area or a location with bad schools. If you do your research, you will be able to find a nice house in an area that is not your ideal location. This is also something your Reno, Nevada real estate agent can help you with. You still want to buy in an area with that will appreciate in value overtime and you can easily resale.
The overall size of your first home is also something you might want to consider compromising on. It might not be ideal now to have less space in your home now, but keep in mind that again this is most likely your starter home. So most likely you will be moving and selling it down the way for a bigger house that fits exactly what you need.
Most buyers find that even though the house is smaller than they wanted, the house is good enough to fit all of their belongings. People realize that they often same money because they are not buying as much items to fill that house. Including personal items. They also same on the heating and cooling bills.
4. Curb Appeal
We do not want to take away the importance of the curb appeal of a house. It’s the first impression people see when they look at a house. It can be the difference of getting the house sold fast or having it sit on the market for an extended period of time.
However, this is one of the easiest things to consider compromising on when buying your first house in Reno Nevada. It would be ideal to have a house where the landscaping is already perfect and well taken care of. It’s usually not a big deal if a house doesn’t look all that great from the curb because this can be fixed after you buy it.
The curb appeal mostly involves landscaping and the home’s exterior. You can easily improve this over time as it doesn’t involve a lot of know how. Just a few tools and a little hard work. You can also hire a landscaping company to help you. Landscaping in is a great way to improve the properties value and your could net a hire rate of return.
Just like curb appeal, this is something that is easily fixed on small budget. Exterior and interior walls and rooms and be simply painted over. A lot of home buyers let the color of the house distract them and prevent them from buying a house that fits them. If there if your kitchen is yellow a couple gallons of paint can easily fix the issue. This is a quick cosmetic issue that you can remedy fast. The one thing you need to research is if the exterior color of your house has limits because of an HOA. Some home owner associations limit the amount of exterior colors. Make sure you check and see what they are. Your real estate agent can help you with this.
The condition of the house is also something you might want to compromise on. However there are items you never want to overlook when buying a house in the area. For example major roof, foundation, plumbing, termite issues, HVAC problems and electrical issues. Some items you can fix along the way are siding, old windows and old carpets. It is always a good idea to get a home inspection and get advice from a qualified professional to see what issues you can compromise on when it comes to the conditions of the house.
When you buy your first home in Reno, Nevada, there are things worth compromising on and some items you shouldn’t compromise on. Our local Reno, Nevada real estate agents can help you in the buying process to get you the best possible deal.