What you should (and shouldn’t) compromise on when buying
Whether it’s your first property or your forever home, chances are you have a fairly good idea of exactly what you’re looking for, including size, style, and location.
But as much as you might have something specific in mind, there’s also a good chance a compromise on your perfect property criteria might be required along the way.
So which parts of your wishlist can be put aside and what items are non-negotiable? Here are six things you should and shouldn’t compromise on when buying.
Suburb
As much as you might like a specific suburb for its amenities and proximity to the things you need, prices in that suburb might mean you need to compromise and look a little further afield.
In this instance, the compromise might be highly worthwhile, especially if you consider ‘bridesmaid’ suburbs that are located near your ideal location but remain more affordable.
Location
While you might be willing to forgo a specific suburb, when it comes to a property’s location there are some factors that are not worth compromising on.
For example, it’s not worth compromising to the point that the location feels unsafe, is too noisy, lacks the amenities you need, or is likely to be subject to major infrastructure development that will negatively impact the property’s value in the future.
Budget
Although it might be tempting to stretch your budget or pay a little more for a property than you originally intended, your budget should be a figure set in stone.
This budget will factor in the loan your lender is willing to give you, and the money you have set aside.
It should also account for all the extras involved in owning a property (such as council rates, insurance, repairs and maintenance) and any possible changes in circumstances, such as increased interest rates, rising cost of living, and other life events.
Building condition
Unless you’re planning to renovate, have building experience or are considering a full rebuild of a property, it is not worth compromising on building condition.
In fact, it’s important you are fully abreast of a property’s condition prior to purchasing it.
What could appear to be small issues might quickly become a very expensive nightmare, so have the necessary checks done prior to purchasing and do not compromise unless you have a plan and budget for handling any defects.
Size
Sure, ideally you would love a four-bedroom home, but could you live in a three-bedroom property that has the potential to be extended later?
House size is something where a little compromise might be worthwhile depending on your budget, stage of life and the ability for the property to be extended or renovated in the future.
Extras
So your initial property wishlist included a pool, entertaining area, shed or established garden, but your property search isn’t yielding all these elements in a home that’s within your budget.
Extras are definitely an area where a little compromise might be required. With the right property, these are things you can potentially add later, while also enjoying the added benefit of increasing the value of your home.
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