In today’s tough real estate market, buyers know their dream property may be out of reach and they’ll have to compromise a few things instead. However, this shouldn’t hurt our goals, finances or quality of life, so how can we know what we should never compromise on?
What is one thing that you can almost never change about a property? Of course its location! Co-founder of First Home Buddy Buyer Daniel Baxter speak:
“First-time homebuyers often overlook the impact that location has on their quality of life. They are often willing to shop away from work, friends, family and where they usually hang out if that means they can afford something brand new. It’s only when the excitement of owning a home wears off (as it does with anything new) and they start to resent having to work part-time jobs and go out for the weekend. Either regret their decision about where they bought it or slowly choose to do less and less of what they once loved. “
For many people, it may be worth buying a smaller or older home if it’s close to where they work and socialize.
For more Daniel insights, visit First Home Buyers’ Facebook and Instagram pages.
Often people will be dazzled by a brand new property even if it doesn’t meet their future needs, just because it will require less maintenance. Main Buyer Supporter Bradley Willmott from Pursuit Property tells us:
“In my more than 20-year career in valuation and buyer advocacy, the most common question I get asked by first-time homebuyers is ‘what drives the value of a home? “I always reply that it is the number of bedrooms and bathrooms. From a valuer’s perspective, when looking at comparable sales, we compare likes with likes and we note an increase in value for homes in the same suburb, based on the number of homes in the same suburb. the number of bedrooms and bathrooms they have. It is better to choose a 4 bedroom house with an old kitchen (you can update later) than a 3 bedroom house with a new kitchen, which you may or may not like its style. “
If you choose a larger home that just needs a little pizza, that could be very easy with some new furniture and pretty home decor.
For more insights from Bradley, visit his Instagram and Facebook.
Many first-time buyers can be lured in going over their initial budget, excited by the gorgeous properties on the market, and suffer a major case of FOMO (fear of missing out).
To be on the safe side, overstate your estimated repayment and have an emergency fund in case unexpected expenses arise. No matter how perfect the home is, if you compromise your budget, you run the risk of serious financial trouble. Sleep easier at night by matching your budget!
Call the experts
Of course, there’s only so much we can judge for ourselves. Property Advisor Goro Gupta from 10 properties over 10 years request to receive an independent property inspection report:
“Given the large number of construction contractors working on any given building, it’s completely natural to have a defect – regardless of the builder. On average there are about 50 minor defects per new property. built today You should never compromise a building This is the difference between a real estate agent and a mentor – a mentor who knows where things can go sideways and help you avoid future pain!”
Visit the Facebook page 10 Properties in 10 Years for more details about Goro.
Some things you can compromise on include auto mechanic (if you have the budget and skills to put on a makeover), parking (if there’s an option on the street), space (within reason) and your aesthetic preferences.