What if I can’t find the home of my dreams?

If this is your first home, don’t expect your efforts to produce the home you’ve dreamed of all your life. Even your second or third home may not meet those expectations, but that’s really just part of the process. Once acclimated to how it works, the homebuying routine does get easier, since many of the fundamentals haven’t changed in the last few decades. The first time out, for example, you may not realize just how important a good credit rating is to your getting the right loan at the right interest rate, but after owning a home for several years and making timely payments, that score will improve and the next time out you’ll be that much closer to reaching your goals.
Unless money is no object and your choice of locations is completely flexible, the odds that you’ll find the perfect home at the right price and in the right place are pretty slim. Add in that the home search can be a timeintensive process, and the idea of perfection slips a little further away. A big part of buying such a large investment—particularly one that’s already standing and that’s been lived in by someone else—is the need for concessions that result in a good purchase decision, and that don’t necessarily address your every single want and need.
According to NAR, most buyers face budget limitations when shopping for a home. Oftentimes buyers must spend more money or be forced to compromise on their vision of a ‘‘dream home.’’ In 2003, 65 percent of buyers reported compromising on at least one characteristic of their home purchase. Buyers were most likely to compromise on the size of the home they purchased (21 percent) or the lot size (18 percent). Buyers were less inclined to compromise on neighborhood quality (12 percent) and their budget for a home purchase (14 percent).
You might, for example, give up that spare bedroom in exchange for a larger backyard for your family to play in. Or, you could cross that inground pool off of your wish list and instead purchase a town home that offers a community pool for all owners (a great way to meet and mingle with new neighbors!). Instead of that lake-view condo, opt for a unit with a garden view and save a few hundred dollars a month on your mortgage payment. Avoid ‘‘keeping up with the Joneses’’ and instead balance your and/or your family’s unique wants and needs.
As you make compromises, be sure to address all of the ‘‘hot buttons’’ that you listed earlier in this chapter. Keep the list handy and maintain a record of what you’re giving up in exchange for what to determine if the concession is worth it. Who knows, you may ultimately find your own dream home in the most unlikely of places.