Your ideal home: Trade-offs versus must-haves

Buying your ‘dream house’ is often easier said than done. Most people are hard-pressed to find every single feature they want in a home. But the idea is to get as close as possible, by making acceptable trade-offs. Knowing what tips the scales in a home’s favour is an essential part of the homebuying process.

The ugly duckling

If possible, try to leave your preconceived notions about the ‘perfect’ home at the door. After all, some of the best bargains around are houses that other buyers snub because they need so many cosmetic improvements and minor repairs. One of these “ugly ducklings” can be the perfect fixer-upper if you ask yourself the right questions:

• Can we afford to pay for urgent repairs immediately?
• Can I live with this until I can afford to renovate?
• How many DIY jobs can we do?
• How much will the jobs that require tradespeople cost?

Remember the story of the ugly duckling that turned into a beautiful swan when you see these houses. The choices you make today could turn into the best investment of your life if you nurture your swan-to-be and help it grow to its full potential.

Tough choices

If you do have your must-have list, you’ll find that some trade-offs are easier to make than others. You might have your heart set on a walk-in wardrobe, for example. After you’ve looked at several properties, you might find they are few and far between in homes within your price range. You can resign yourself to doing without if everything else in the house balances out this sacrifice, but maybe you don’t have to. Can you find space for installing a walk-in wardrobe later?

Other compromises can be tougher. If you need three bedrooms, you really can’t ask two growing children to squeeze into one small bedroom in a 2-bedroom house. After looking high and low for a 3-bedroom home, you find the perfect one, but it’s on a busy street. Is that a situation you can live with? Possibly, but take a closer look before you decide:

• Are the bedrooms located towards the back of the house, where noise levels are lower?
• Can you install double-glazed windows and take other measures to dampen noise levels in the living room?
• Can you create a quiet outdoor haven in the back yard?

Some trade-offs are too costly

Some housing scenarios are just plain deal-breakers. For example, you cannot compromise on the structural integrity of the home. If the foundation of the house is unsound, repairing it can be more expensive than it’s worth, and, in some cases, the house may be unsalvageable.

Don’t even think about buying a house you’re going to have to spend tens of thousands of dollars repairing. The few hundred dollars you spend on a good prepurchase building inspection can save you more than money: it can save your future.

On the hunt for a home, trade-offs are inevitable; this give and take involves weighing everything in the balance and determining what you can live with now and how you can improve a property after move-in day. And sometimes the hardest person to negotiate with is yourself. Buying a home is a huge decision, and the best you can do is be honest with yourself. If you can’t live with something today and can’t rectify the problem later, keep looking. There’s a house with your name on it somewhere.