The delicate art of getting what you want for what you can afford

It doesn't have to be this way!! Later tonight (or as Matt would point out, days and days later) I will explain how to prioritize your wish list to get the biggest bang for your buck.

AND WE'RE BACK.......

The key to compromising without feeling like you're giving up on your dreams is simple in theory, but can be overwhelming in application. P-r-i-o-r-i-t-i-z-e. It sounds almost elementary. But anyone who's ever been forced to "settle" will tell you it's not easy when you're in it, especially when "it" is a home buying decision.

Priority numero uno: Location
Anyone who knows the first bit about real estate knows that location is paramount. Location is what gives value to the land. It determines school district, proximity to public transportation, playgrounds, cultural institutions, and the overall structure of the community. This should be one of the clearest decisions to make. If you had to choose between a home with all of the interior features of your dreams in Affordable Valley or maybe move into a home with yellow shag carpeting to get you into Prestigious Place, which would you choose? Folks, you can change the carpet but you can never (realistically) pick the home up and move it. Will you be forever embarrassed to say you live in the 19555 zip code? Or would you rather live in a more affordable zip but have a hot tub and finished basement to entertain your friends in?

Priority number two: Lifestyle
I hate to speak in generalities but if you drive through my community I feel it's evident than the majority of homeowners have financially stretched to get into their homes. How can I tell? Well for one there have been an underwhelming number of improvements made to the houses. Some additions put on here and there, some new shutters, pressure treated lumber decks, minimal landscaping. But nobody's added a pool, or a paver driveway, or an in-law suite...because these folks bought the most house they could comfortably afford. There are also the homes that haven't even been maintained at the average level: mildew on the siding, stained roof shingles, no landscaping or curb appeal. Those folks are obviously living beyond their means (or perhaps just have no pride of ownership, who knows).

Think about the life you want to live. Is spending every expendable penny to get more square footage the route you want to take? Or would you prefer to sacrifice granite counter tops and hardwood floors for the immediate future to know you will have a slush fund for vacations and shopping trips, mulch and flower bed installations, curtains and mattresses? No one can answer that question but you, however it can be a difficult question to answer truthfully when weighing such a life-changing purchasing decision. A third party or your Realtor can be a great sounding board to help you see things more clearly.

This goes back to Location a bit, but think about the impact the home's geography will have on your lifestyle: would it mean a long drive vs. railways access; if specialty food markets and dining/nightlife are important to you, do the areas in questions both offer the same number of possibilities; are the places of worship and cultural institutions you're accustomed to convenient or even accessible; will the new home require you to switch doctors, dentists and hair stylists? If so are you willing to make those changes?

Trois. That certain je ne sais quois....
Ladies you'll feel me on this....Wedding dress shopping. Picture this-- every dress you try on is one of a kind. Impossible to be duplicated. Once someone buys it, it's gone, not an option, you won't be getting it. You're in that fitting room, and you slip into a dress that instantly brings tears to your eyes. The one. Crazy.... the skirt isn't the style you had pictured, the neckline is completely opposite of what you've always wanted and yet, there is a certain intangible quality that makes this dress perfect. What would you do? You'd buy the dress, no questions asked, right? Because you know you will never be able to find that dress again if it's bought out from under you.

That's real estate. If you find a home that appeals to you in this manner, regardless of whether it meets every tic on your checklist of must-haves, you owe it to yourself to go with your gut. You can not put a dollar amount on the value of that emotional response, of walking into a stranger's house and feeling suddenly as though you've found your home. Until Zillow.com offers a search criterion for "That certain je ne sais quois" it will be difficult to find another place that makes you feel that way.

And buyer beware if you pass it up for no reason other than feeling like you SHOULD shop around. Because there is another bride just waiting to walk down the aisle in your hous-, er, dress. While throwin 'bows might help you win back a dress from the enemy bride, it isn't going to help wrestle the sales agreement out of the seller's hands so you can get your offer in.

When a house feels like home, it probably is.

Finalmente, numero quatro: Total cost of living
Equal list prices making it even harder to decide between two homes? Look past this apparent bottom line to the cost of living:
Heating and cooling- system type? windows new or old? any two story spaces? any large unfinished spaces to take into account?
Water- public or well?
Waste- sewage or septic?
Taxes- school, real estate, city wage?
Commuting costs- tolls? gas? train?
Homeowner's association or condo fee?
Exterior maintenance- large yard to maintain, need new riding mower?

If you are struggling with a unique purchasing dilemma that I haven't touched on, I'm happy to offer individualized consultation.

EL FIN.