Last Updated on July 9, 2024
While Maroon 5 wasn’t singing about the home buying process when they so cleverly sang, “It’s not always rainbows and butterflies. It’s compromise that moves us along,” they might as well have been.
Crafting the perfect wish list is a necessary (and fun) step in your home search, but often times, wishlists that don’t include any room for concessions leave buyers feeling frustrated and defeated–especially in today’s fast-paced market.
If you’re dipping your toes in the housing market, here are 5 compromises we think are worth exploring.
Fewer exterior amenities
Who doesn’t want a spacious patio, expansive deck or perhaps even a large screened-in-porch? With more and more buyers adding outdoor entertaining spaces high on their list of ‘must-haves,’ it seems like outdoor spaces are almost as important as buyers’ indoor entertaining desires. However, this may be one area you should compromise in when searching for a home. If you can’t find your dream outdoor lounging and entertaining set up, instead opt for a medium-sized flat yard, and make plans to add an outdoor seating/dining area down the road.
Square footage
If your heart is set on a desired neighborhood/location and a specific minimum square footage, and all available options keep blowing your budget, it might be time to go back to the drawing board. Look for homes where you can get creative with the square footage. For example, many buyers have a home office on their wish list, and even though an expansive space for this purpose might be out of the question, you can create the home office of your dreams by creating a multi-use space. Perhaps there’s a corner in your living room, dining room, or bedroom you can carve out and create a space to serve both needs.
Not having space for a home gym or office is one thing, but what we don’t advise is to compromise on the number of bedrooms, especially if you are in the young family stage. Often, it’s better to compromise on cosmetic items (an outdated bathroom/kitchen) rather than to give up on a bedroom, as that is not something you can fix down the road.
Location
Living in a prime location always comes with a high price, and for good reason. Walkable neighborhoods are in high demand, but it’s one of the first things to go by the wayside when budget comes into play. The key here is to find a home within a reasonable distance to the places you frequent the most. Just because it may not be realistic to live within walking distance of your favorite shops and restaurants, you’ll regret purchasing a home that leaves you sitting in the car commuting for most of your day.
Cosmetics
We can’t blame you for wanting an all-white, up-to-date kitchen; after all, we’ve all watched more than our fair share of HGTV to think every home on the planet should boast updated everything. Sadly, short of buying new construction, homes that have been completely renovated with timeless design choices can be hard to find, especially on a budget. When touring homes, look past the dated granite or cabinetry, old carpet, or linoleum to see the home for what it could be with a little TLC.
Age of home
A recent NAR study found that 31% of buyers compromised by purchasing an older home than they had originally planned on. With the average age of homes now just over 40 years, this is a concession you’ll likely have to come to terms with. Yes, older homes can come with outdated kitchens and baths, but they also come with tons of character that makes even the most inexpensive updates shine!
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