5 Compromises Worth Making When Buying a Home
Home buyers often start their search with a long list of must-haves … only to find they need to whittle it way down once they see what’s within reach. Unless you’re a bazillionaire, it’s impossible to check all those boxes on the wish list. So, how do buyers decide what pieces of their dream (home) they’re willing to hack off? Imagine a triangle with price, location, and size/style/upgrades at each point. In most cases, you will have to be ready to give up on one of those three. If you get 80% of what you want, you’re lucky.
Compromise No. 1: Location
It’s one of the first thing most clients are willing to budge on. While they might want to find a home that is within walking distance to the downtown area with shops, restaurants, and public transportation, buyers do not want to compromise on their living space. After all, you have to live in the home. Sometimes these homes are too small to fit their lifestyle needs, or the larger in-town homes are simply above their price range. So the dream of a walk-to-town location very often will get removed from a buyer’s must-have list.
Compromise No. 2: Square footage
But not everyone is adamant about doing everything they can to keep from downsizing. After all, if you’re willing to skip that guest room, playroom, or dining room, you may be able to stay within your budget and live in a nicer neighborhood. However, if your space needs might grow in the near future—say, if your family is expanding—you might want to think twice before moving into a tight squeeze.
Compromise No. 3: Yard size
Plenty of buyers fantasize about landscaping a sweeping garden, or at least having an outdoor pool or hot tub — until they see what they have to shell out (or give up) to get it. For many buyers, the size of the backyard is not as important as the spaciousness of the interior of the home.
Compromise No. 4: Awesome garage
Buyers are often flexible on the type of garage as well as how many cars they can park. Some garages are detached, which means that buyers can’t enter directly into the home from the garage—helpful during inclement weather. And some single-car garages are attached to the house, but there is no entry from the garage into the house.
Compromise No. 5: Specific architecture
So, you’ve always pictured yourself in a Craftsman bungalow, until you saw the asking price. If you suddenly find yourself smitten with a Cape Cod, it’s OK; you’re not alone. When compromises have to be made and buyers have time to look at homes for a bit and consider their budget, the home’s aesthetics usually are the thing they choose to overlook.