Must have vs. nice to have – what to compromise on when buying a home
To get the best property for you, you may need to compromise. We explore what you should and shouldn’t be compromising on.
When buying a home, we all have criteria that we are trying to meet – location, property size, number of rooms, yard space and so on. But finding a home that ticks all the right boxes and is within budget is very challenging. Often, we need to compromise on a property’s features. The question is, what to compromise on and what not to.
When to Compromise
To keep within budget, if you’re buying a tired property to save money, do your research first. Does the property just need cosmetic changes or more structural renovations? Do the numbers as renovations can get very costly.
The amount of rooms in a house has a large effect on the price, so determine how many rooms you want vs how many you need.
Do you really need that guest bedroom or study, or is this something you can add on at a later date? Parking is also at a premium, particularly in inner city locations, and can push the asking price up. Is having a second car, or a car at all, necessary?
When Not to Compromise
Location is king for a reason. It affects your overall lifestyle – everything else is changeable. Then there is budget. Know how much you’re willing to spend and stay within that. If you have an ideal location in mind but you feel outpriced, don’t dismiss it. Look to see what your budget affords you in and around the area, because again, everything is changeable.
Never compromise on structural integrity. The amount of money you will spend fixing the property or doing a knockdown rebuild, will make it a very costly exercise. The layout can also be costly to change.
Do your research and know how much of the floor plan can be altered. In the same vein, be aware of the property’s negative features, because when it comes time to selling, this will be what turns buyers off.