Word of The Week: Compromise
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OK, so maybe this isn’t exactly a “Real Estate Term” in specific, but I wanted to take a moment to address the word Compromise and discuss how it fits in with the Home Buying Process.
We all know that Compromise is necessary in life, and making a real estate purchase is no different. The fact is you’re not likely to get everything you want in your first home. In fact, you may only get a few of your “Wants” and most of your “Needs“.
But how do you know which things to bend on, and which items you should hold out for?
Simple: you fill out a sheet which has your “Needs” on one side, and “Wants” on the other.
If the house you are considering doesn’t have almost all the the “Needs” then you’re probably not going to be happy living there. If the home has all the “Needs” and only a couple “Wants” then you need to ask yourself is it worth sacrificing that master bathroom or fireplace and making that a goal to have in your second home?
Often times, we get hung up on numbers, neighborhoods, and nit-picky things that we lose sight of what’s important to us. You may be tempted to hold out for a lake home if you went to a showing of one and liked the way it made you feel. But if “Lake Home” was not on your “Needs” list when you started the process of searching, then don’t get hung up on it!!
I have a number of First Time Home Buyers that I am working with who have given me their lists, only to find out that those things change after we start seeing homes up close. Don’t get me wrong – change is OK. Just make sure you’re changing for the right reasons.
Here’s the official defeinition of Compromise:
A middle way between two extremes”
So, it doesn’t have to be the best house you’ve ever seen, or the worst house you could stand to live in. Make sure you follow your head and only Compromise on the things that you could be happy without.
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