Believe it or not, every property purchase I’ve witnessed can be boiled down to the Venn Diagram above, with three intersecting circles: property, price, and location. How we approach these key elements of any would-be buyer’s search influences our success. And they can prove a challenge to weigh, especially if we’re unclear on what matters to us most.
Many prospective buyers embark on their hunt convinced that if they stay positive and keep hunting, they’ll eventually find the exact property to fit their unique wants and needs. In my experience, however, to find your true ‘fit’ you need to be flexible right from the start.
Here’s my best tip for how to begin, even before you explore the actual market…
Draw yourself a Venn Diagram and put some thought into which of those three circles – property, price, and location – is the most important for you, and which one of them you can ease up on the most. While a hard first step to ponder, in the long run it can save you time, effort, disappointment and regret– and possibly some cash.
The next step is almost as difficult: ask yourself how comfortably you can inhabit the space where your two circles – your top two priorities – overlap. I’ve found that how people respond to this crucial space can determine whether their property search remains a thought or translates into a reality.
The overlapping space is a polite term for what often makes buyers recoil. Property hunters who are used to getting what they want often believe that a buy isn’t worthwhile unless it answers all of their needs.
The truth is: in real estate as in real life, we all have to compromise.
And the overlap leads to three main compromises you’ll need to face. Ask yourself – which can you live with the most easily?
Are you able to pay more than the amount you initially decided for your property? Great. Then you may be able to purchase that perfect one exactly where you always wanted to be.
Or, are you ready to roll up your shirt sleeves and get to work transforming a fixer-upper into your dream property? Great! Then you can purchase what’s within budget and live right where you want to be.
Or, are you willing to look a little further afield? Great! That way you can get the property that fits your needs, and be able to afford it too.
This little exercise in contemplation before and during your property hunt can bring a wealth of fresh perspective. It helps to refine your search, and to ensure that whatever you do decide to purchase will satisfy your most important wants and needs. Even if you have to compromise.
And each time you view a property, you can apply the same test.
My handy tip may be just the thing to see you through the ups and downs of property buying and getting yourself safely to the other side.
Or…
You may prefer to stick to your ideal vision, and stay put. Perhaps missing some great opportunities along the way. :)