Nearly all of the buyers we come across have had to decide where they are prepared to compromise when it comes to buying a home to live in. I think it is human nature to aspire to what we can’t afford, so it can be a challenging process to come down to earth and be realistic about the limitations of our budget.
Sometimes it is as simple as widening the search area. Many buyers are comfortable looking in an area that they are familiar with, such as the suburb they already live in. If it looks like the budget won’t stretch to your dream home in your desired location, we 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 transport links? The surrounding countryside? The dominant architectural style? The local shopping centre? Good schools? Your nearby friends? Of course, the latter will be the toughest to replicate…
Or perhaps you need to surrender the requirement for off street parking or that spare bedroom (how often do guests really come to stay???) or the ensuite bathroom (maybe a second WC in the laundry will suffice). Or maybe you can live with that dated kitchen or bathroom for 5 years.
Whatever it is that you end up relinquishing, the quicker you do it, the quicker you will find yourself in your new home. The only alternative is to find yourself some more money.
Published:- 22 October, 2010
Please note: Good Deeds buyers tips are intended to be of a general nature. Please contact us for advice that is specific to your individual circumstances. You may also need to get advice from other professionals such as an accountant, mortgage broker, financial planner or solicitor.