Hopefully you won’t have to compromise at all.
Buying a home is a very emotional process. If you allow those emotions to get the best of you, you may fall prey to a number of common home buyer mistakes. It’s important to keep your emotions in check and make the most rational decision possible.
Property hunting can sometimes be a long and drawn out process; you know what you’re looking for but no one seems to be selling it. Once you make the decision to move you may open yourself up to pressure from selling your current home or your tenancy coming to an end – with these types of pressures almost all of the buyers i come across have had to decide what to compromise on when buying an apartment to live in.
There are three elements to any property search (Property characteristics, Position, Price – we call them “the 3Ps”) and i find that typically one of these “Ps” will need to flex the most.
you’ll need to consider each of those “3Ps” in order to work out what to compromise on when buying an apartment.
Tackle price first.
You’ve probably already determined how much you’re willing to pay for a home, How much more would you need to add to your budget to be able to afford your dream home? Is it achievable? if not, you’re just hurting yourself by imagining yourself in it. So, to avoid temptation, it’s best to restrict your house-shopping to properties in your financial neighborhood. If you need to stretch yourself, you may as well do it now. If you can’t afford to push the budget or you are not prepared to, then move to the next “P”.
Let’s look at the property characteristics.
A property that is finished to a high standard will obviously be reflected in the price, Perhaps you need to surrender the requirement for off street parking or that spare bedroom (how often do guests really come to stay??). Or maybe you can live with that dated kitchen or bathroom for 5 years. This is all about asking yourself how important location is and what you’re prepared to compromise on in order to live in your ideal suburb.
If you absolutely, positively cannot compromise on the size, style, scale or condition of the property, then it’s time to reconsider the position.
The position you choose will largely depend on your priorities, what you’re prepared to sacrifice and what’s non-negotiable.
“You’re looking at a very different lifestyle in a property positioned within 10 km of the CBD (central business district) compared to something that’s 25 km out.
Sometimes it is as simple as widening the search area. Many buyers are comfortable looking in an area that they are familiar with. If it looks like the budget won’t stretch to your dream home in your desired location, i encourage you to identify what it is that you like about your current locale and see where else you may be able to create a similar experience. Is it The surrounding countryside? The dominant architectural style? The local shopping center? Good schools? Your nearby friends?
Property Buying advice
If there’s one thing I’ve learnt as an agent, it’s that every person is unique and has unique plans and priorities around home ownership. The key is to realistically consider your lifestyle and what’s going to make you happy, have access to public transport, cafes and malls? or not having access to the same amenities, but you’ll be able to buy a three- or four-bedroom home if you’re planning a family – give children more room to run around.?
The quicker you decide what to compromise on when buying an apartment, the quicker you will find yourself in your new home. The only alternative is to go back to step one and find yourself some more money.
Compromise is not always negative when it comes to home buying and is often a part of the search journey, you purchase a property only once you are armed with all the necessary facts.
To discuss how i can assist with your property search please contact me.
Chady Melhem | Property Consultant
Call me for any advice you may need!