You will likely have to compromise, but not on these five things
Buying a home is a process of elimination with a final compromise at the end. Although it is near impossible to buy the perfect house, there are certain things that home buyers should never compromise on.
You can change your house but you cannot change your neighbourhood. If you are active you might want to live near trails or waterways. If you are urban you will want to live where the action is – near shopping, clubs and coffeeshops.
Even if you do not have children, but especially if you do, the best real estate in terms of holding its value or appreciating faster than the city average is always near a great school. Know your school zones and buy in a good to great one.
Over the years, I’ve worked with hundreds of clients. One thing that I have learned is that when home buyers have chosen an arbitrary price point at lower than they can afford, they almost always move up a price category before they find a home they love. I’m not suggesting that you should buy a house that will make you house poor. I’m saying you should not set your budget too low, or too much lower than you can afford.
Another thing that I have noticed from viewing and showing maybe 3,000 homes over the past 10+ years is that when potential buyers love the neighbourhood but talk about taking out walls —> they never buy the house. The floor plan, at least for first time home buyers is a non starter if it is not already near perfect for them. Knocking out walls is for dreamers.
When deciding between two similar homes in similar neighbourhoods, choose the one that is closest to work (all things being equal). Adding thirty minutes to your morning commute will add up to ten hours a week away from your family. That’s a lot of missed family time.