Home buyers often start their search with a long list of must haves. Unless you are 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 knock off?
Here are five compromises to make when buying a home:
Compromise # 1 : Location
It’s one of the first thing agents say their clients are willing to budge on. While buyers might want to find a home that is within walking distance to a downtown area with shops, restaurants and public transportation, buyers do not want to compromise their living space. 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 having a home walking distance to a downtown area will usually be removed from a buyer’s must-have list.
Compromise # 2 : Square Footage
Not everyone is so adamant about doing everything they can to keep from downsizing. After all, if you’re willing to skip the guest room, play room, or dining room, you may be able to stay within your budget and live in a nicer neighborhood. Sometimes the reward is not paying long term for family and friends to be able to stay in your home. But, if you are planning on expanding your family, you might want to think twice before moving into a tight squeeze.
Compromise #3 : Yard Size
Plenty of buyers fantasize about landscaping or having an outdoor pool and spa – until they see what they have to shell out to get it. When it comes to describing their perfect home, buyers frequently say they want a large backyard. After seeing lots of places, buyers realize that the size of the backyard is not as important as the spaciousness of the interior of their home.
Compromise #4 : Awesome Garage
For the first-time home buyers who are moving from an urban area to the suburbs, it often comes as a surprise that not all homes have a two-car garage. Older homes, built in the early 1920s or 1930s frequently do not. While there are homes that do not have a garage at all – and these homes are much harder to sell – buyers will compromise and buy a home that has a one-car garage if the home meets the other items on their must-have list. Buyers are also flexible on the type of garage as well. Some garages are detached, which means buyers can’t enter directly into the home from their garage. And some single-car garages are attached to the house, but there is no entry from the garage into the house.
Compromise #5 : Specific Architecture
So, you’ve always pictured yourself in a bungalow, until you saw the asking price. If you suddenly find yourself smitten with a Cape Cod home, you’re not alone. Whether it be the architectural style of the house or type of kitchen counters, those things are one of the first things mentioned when clients tell me what they want. But when compromises have to be made and they’ve had time to look at homes for a bit and consider their budget, the home’s aesthetics usually are the thing they choose to overlook.
