Making Compromises as a Buyer

Every buyer has a wish list of things they are looking for in a dream home. Usually this consists of needs and wants, with compromises needing to be made along the way. But what do you decide to compromise on when buying, and what should you avoid compromising on? We explore what you should or shouldn’t compromise on when purchasing a home.

Location
 
Location can be tricky as it has a big impact on the value of a property, both now and into the future. It’s also something that you can’t change. If you have an ideal area in mind but it doesn’t quite fit into your budget, consider why you like the area. You may be able to find other locations that offer the same amenities or features at a reduced cost. Alternatively, you could opt for a cheaper property in your dream area, like a townhouse instead of a house, or check surrounding suburbs as they may be cheaper but just a little bit further out. Make sure you consider your commute though. Work out how long you are prepared to commute for work and stick to areas that offer this.
 
Budget
 
One thing you should never compromise on is budget. It’s better to compromise on features or location than add extra financial stress to your life. A good starting point is to find out how much your bank or lender is willing to lend you for a home loan and factor in extra costs like stamp duty, moving costs and utility costs. From here, you’ll be able to figure out what you can afford and shop around. If you find your dream home is over budget, avoid the temptation to overstretch yourself financially. It may be your dream home but paying extra for it could spell disaster if you’ll find it hard to make repayments or just can’t maintain a comfortable lifestyle while living in it.
 
Building Issues
 
Serious building issues like major structural faults or active termites are something that shouldn’t be compromised on if you plan on moving straight into a property. Even if it’s a bargain, it could cost a fortune to fix the issues and end up costing you more in the long run. It might be worth it though if you’re looking to complete extensive renovations or plan to knock the home down and rebuild, as long as you’ve factored in all the costs and compared it to your other options.
 
Floorplan
 
Compromises are usually necessary when it comes to a home’s floorplan. During your house hunt, you’ll probably have to start asking yourself whether you really need that extra bedroom for guests or a study, or if you really need a two-car garage or third bathroom. These are modifications that can usually be made later, and if you sacrifice them in the short term, it could save you some money. Talk to an architect to see if there is scope for the changes you want in the future and consider purchasing a home that ticks most of your boxes if you’re having trouble finding a perfect fit that’s within your budget.
 

The Wayne Morgan Team is waiting to assist you. We offer you experience alongside excellent market knowledge that helps make the buying or selling process as smooth as possible. As Australia’s number one real estate brand, a little help from the team can prove invaluable when it comes to buying your home. Contact The Wayne Morgan Team TODAY! 

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