13 Sep How to satisfy the equation?
If you’re looking for a house you’ll be thinking about several aspects ranging from the area where you’d like to find the house and alternative neighbourhoods, size, distribution, condition, type of renovation you’re willing to take on, orientation, the type of atmosphere you want nearby or you’re not willing to have.
You’ll also be considering what services are essential and which are not, garage, concierge, swimming pool, sports equipment, storage etc. But the most important aspect and the one that will probably condition you the most will be your budget.
All these factors are important to take on a search and they all condition the final purchase decision but there are three factors that are totally decisive. The location, size and budget are the main constraints to finding a house and it is an equation we have to satisfy.
If we’re sure about where we want to live and there’s a minimum size we need the established market price will also be quite defined.
Does this price match our budget? If it doesn’t we have to satisfy the equation and give up some square metres or look at other neighbourhoods with lower prices. SInce it’s difficult that we can give up on metres it’s common to move the search to another neighbourhood.
Another option would be to increase our budget, extending or applying for a small mortgage or disposing of a greater amount of savings, but this is usually less likely.
And we mustn’t forget to include the purchase costs (around 10%) when calculating our budget as well as allocating another amount for necessary small improvements or upgrades.
So, once our ideal size, location and price are defined we have to be realistic and satisfy the equation adjusting the parameters to the real market situation.
Do I downsize? Do I change the search area? Or do I increase my budget?
That is the question. Good luck with the search.
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