Your property needs will shift and change as you move through different stages of life.
When purchasing a new home, it’s important to consider the pros and cons of various compromises, and how these benefits and disadvantages will evolve over time.
Finding the right property and location for your household
If you’re on the hunt for a new house, you may have already learned that there is no one perfect property for you. Instead, compromises are necessary. But that doesn’t mean you should throw in the towel completely – you can still secure a home that ticks almost all of the boxes – you just need to decide on what is really important to you.
It’s also important to reflect on your future plans. How will your lifestyle change in the next five to ten years? Will you be welcoming new family members to your home, or watching them move out? Are your finances going to increase or decrease? Will you be starting a new career?
These questions will help you determine which compromises are worthwhile, and which property elements are total deal-breakers.
Property and location compromises that may impact your lifestyle
Here are some common compromises that homeowners make to ensure their lifestyle improves as they move to a new property.
Property price and commuting distance
Location is not just important; it’s crucial to a successful move. The thing is, desirable areas (such as inner-city regions) come with a higher price tag. If you work in the city, you may be faced with the following question: is it worth saving money on a property further out if I will have to spend more time and money commuting to work every day?
The answer to this question will depend on how long you plan to stay in a property, as well as your job security.
A big backyard means a whole lot of maintenance
If you have a young family, a big backyard may be at the top of your house features list. Remember, however, that a big back yard demands a lot of maintenance work, which is both time-consuming and expensive. What’s more, your children may only enjoy the backyard to its full potential for a couple of years.
Now, imagine you find a smaller, cheaper property with just a courtyard for its outdoor space, and there’s a fantastic park just down the road. Is that a compromise worth making?
Don’t forget to consider factors like proximity to facilities such as school and hospitals, whether the home is move-in-ready, and the accessibility of the prospective home.
Your lifestyle is hugely influenced by the location and the property you call home. With careful planning and a few compromises, you can secure a home that meets your needs now, and way into the future.