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“I should have bought a bigger house”

“I should have bought a bigger house”
The #1 regret home buyers listed in studies by NerdWallet and Trulia is that they wish they would have bought a bigger house. Most buyers become so fixated on a specific neighborhood that they miss better deals elsewhere. Broadening your location search can increase your chances of finding a home that meets your space and feature needs, and allows you the room to grow into. Whether it’s a large backyard for entertaining, an additional bedroom, or an oversized kitchen, don’t compromise on enough space.
Jeff and Michelle bought their first house in 1996 in beautiful Santa Barbara. Not knowing how much they could afford, their real estate agent pulled out a napkin, wrote down their annual income and approximate liabilities, divided by another number and said you could afford a purchase price of $285,000. At the time, this amount could get them a 2 bed/ 1 bath house on a small lot. Although they really desired a 3 bed/ 2 bath on a larger lot, which was selling at the time for $367,000, they decided to follow the advice of their agent and purchase the smaller property. Wanting to start a family about five years later, they agreed that their current home was too small to comfortably house a family of four. Although they realized nearly $140,000 in appreciation when they sold their house, they no longer could afford a larger house in Santa Barbara. Similar 3 bed/2 bath properties that they passed up in Santa Barbara were now listing for $680,000. In heine site, if they would have been able to pay an additional $700 per month, today they wouldn’t have needed to move to a more affordable neighborhood and they would have an asset valued at $680,000.
A property should be purchased with the future in mind. Whether you are planning someday to increase your family size or take care of an aging relative, being prepared for the unexpected could prevent you from having to sell and could result in a windfall of real estate market appreciation.
Don’t let some notes on a napkin decide where you are going to live like Jeff and Michelle. Find out exactly how much you could qualify for instantly at PreApproval Center.