What if You Have to Compromise?

This is a reality most of us are faced with at some point in time when it comes to buying a property. Often buying the house of your dreams in your preferred location is not always attainable, meaning you may have to compromise space for location or vice versa.

If you have undertaken the above research you probably have a good idea by now just how much ‘home’ you can afford in the suburbs you would prefer to live in. If you cannot afford the home of your dreams in your desired neighbourhood, then it may be time to readdress your expectations or save some more money. However, saving money takes time and it may be better to settle for something less than perfect as prices will often increase while you wait.

Staying flexible with your housing criteria is important and is often a great way to climb up the property ladder. We’ve all heard that it is best to buy the worst house in the best street, however if you’re about to start a family or not in a position to renovate then undertaking major renovations may not be the best way to go. List what is most important to you now and in the future. Consider the following features to help you prioritise:

1. Convenience – do you need to be close to your workplace or would you be willing to spend longer commuting to work if you could live near the beach?
2. Proximity to amenities – is being close to schools, childcare, public transport and shopping centres a priority? Would you like to be able to walk to restaurants and cafes?
3. Land and house size – usually the closer you are to the CBD the more expensive land is and the harder it is to come by. The same goes for house size with the suburbs usually offering more house for your money.
4. Maintenance – are you downsizing or do you travel a lot? Perhaps an apartment or townhouse, which requires minimal upkeep is more suited to your lifestyle?
5. Renovations – are you hoping to capitalise on the future potential a property can offer? Perhaps by buying a smaller house with the scope to expand the accommodation, you may be able to afford to live in your dream location?
6. Rental potential – if you’re an investor, then this will be at the top of your priority list. It can vary from market to market so be sure to thoroughly research what features rate highly with your potential tenants.

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