Hopefully you won’t have to compromise at all.
Property hunting can sometimes be a long and drawn out process; you know what you’re looking for but no one seems to be selling it. Once you make the decision to move and put those wheels in motion you may open yourself up to pressure from selling your current home or your tenancy coming to an end – with these types of pressures it’s no wonder many buyers compromise.
The costs of buying and selling a property are steep, here we discuss the red flags you need to be aware of when buying a property and what is reasonable to compromise on when buying your next home.
Bigger house or better location
This is a conundrum that many buyers face, we often find buyers will consider a compromise on the location so long as the area has low crime rates and good schools along with decent transport connections.
Whilst considering different areas those that are ‘up and coming’ might allow you to purchase a much larger property, we advise you conduct thorough research on an area before committing.
Purchasing in an up and coming area
Up and coming areas have long appealed to those looking for a deal at the time of purchasing with the bonus of potentially large increases in the future property value. Regeneration undoubtedly has a positive impact on property prices in an area as it becomes a more desirable place to live.
This is of particular note when considering purchasing in a newly built block, whilst the block itself and the amenities within the development might be excellent and to a high standard, if the area surrounding the building is undesirable or there are no transport connections within a reasonable distance you might find it difficult to sell the property in the future, let alone find it affects you whilst you’re living in the property.
As property finders we also evaluate the validity of an areas potential, whilst you might be told the location is up and coming – will it be a desirable place to live in 5 years or 15 years? Understanding this will enable you to make a better purchasing decision.
Local transport links and improvements to infrastructure
For many the time it will take and the cost involved in commuting to work is a key factor when considering the best location to live in for them.
In some instances it may look like living 5 minutes from a train station is ideal but if it’s not on a line that works well for your place of work resulting in multiple changes, or is on a line that is known for being over crowded or suffers huge delays then it might not work out so well in reality.
Another factor many buyers can ignore in the heat of purchasing their next home is the distance to the nearest station. Whilst a 15-20 minute walk might seem ok on a sunny summer’s day and you think ‘if the weather is bad, I’ll just take the bus to the station’ – what happens when it’s raining heavily and the buses are on diversion?
Too good to be true
If a property appears to be cheap or has been on the market for a while there’s likely something amiss. Whilst selling agents must declare points about the physical property which would impact you as an owner they do not account for factors such as noise pollution.
If you’re conducting all your viewings on a weekend how can you be sure of traffic noise from a nearby road during rush hour? You might view a property that is near to a flight path but not hear any noise and wonder how it could be a problem when you can’t hear the planes. Flight paths change so you might just have happened to view whilst the property wasn’t beneath the planes.
Whilst solicitors will conduct searches further down the line and agents must make certain declarations from the outset, there are factors that you’ll be aware of from having local knowledge of an area and conducting thorough due diligence.
Is it worth the compromise?
For those who have a car, parking arrangements are important. You may have been set on having a garage or off street parking but find a property where everything is perfect except there is only the option for on street parking.
You may have had your heart set on having a private garden but find a beautiful flat that has a roof terrace.
There is a large, spacious two bedroom apartment which you’ve fallen in love with for the well-proportioned rooms and high ceilings but there is only one large bathroom not the master bedroom with an en suite and main bathroom you were hoping for.
With these types of compromises you must evaluate how much of an impact they will have. If you have a priceless, antique car the need for a garage is likely mandatory for insurance purposes, if you have a dog a roof terrace might not suffice and if you’re planning on renting out your second room you might not want to share the bathroom.
Property buying advice
Our team of professional property finders have the experience and knowledge to find you your ideal property.
Compromise is not always negative when it comes to home buying and is often a part of the search journey as likes and dislikes alter along the way.
Whilst compromise, big or small, can often be a part of a home purchase, we can ensure you purchase a property only once you are armed with all the necessary facts.
To discuss how we can assist with your property search please contact us.