You set out to buy a new home with a picture in your mind of exactly how you want it to be. But once you start the search, you find that you have to make compromises somewhere. This is a common situation, so when exactly should you compromise (or not)?
Which? Research Shows Where Homebuyers Compromise
Research from Which? looked at 1,205 homebuyers in their homebuyers’ survey and found that many of them have to make compromises somewhere.
It turns out that the most common area they compromised on was location, with a whole fifth of homeowners compromising on this factor. However, a quarter of those regretted their decision.
Some compromises are more likely to lead to regrets later on, and the Which? research sheds some light on the other areas where people compromise:
- 26% went over their budget, with 19% regretting it
- 20% compromised on room size (23% regretted it)
- 17% compromised on their garden (26% regretted)
- 23% compromised on decor (5% regretted it)
When Should You Compromise?
It’s clear that compromises are often necessary, but there are some factors that you should be more careful about.
For example, when it comes to the location, it may not be a big issue to compromise on if you are still in the general area. But if you end up buying a property a long way from your preferred area and further from work, school, etc, you may be more likely to regret it.
When it comes to house prices, it’s quite common to go over your budget slightly. While you should be strict about spending more than you can afford, it may be worth going slightly over your budget to secure your dream house.
One thing to be very careful about is the condition of the property. If it just needs a coat of paint, that’s not likely to be a problem. If it’s suffering from subsidence or a leaking room, that’s more serious.
Often, it simply comes down to a judgement call. So ask yourself: are you really prepared to accept a smaller property, larger budget, smaller garden, etc?
Avoid Regrets when House Hunting
Choose a few essentials when you search for your new home. You won’t get everything you want, but have a few things you need that you won’t compromise on and use a checklist when you view properties.
Also, consider how your needs may change in the future. You may be happy to move into a smaller house with fewer rooms now, but what if you are planning to have a large family?
One way you could help yourself to make fewer compromises is to view more properties. The more you see, the more choices you have, and the less you will have to compromise.
Be Careful About Compromising
You may have to make compromises when buying a home, but make sure you don’t live to regret them. Always think very carefully before you make a decision that involves a compromise, and you’ll be less likely to have regrets in the future.