How many of you are waiting for the “perfect” home? Does your “must-have” list include items that should be on your “wish” list? If so, this post is dedicated to YOU!
I was working with one of my buyers this past weekend and found a home that came very close to checking off all of their criteria: 3 bedrooms; 2 bathrooms; 2 car garage; close proximity to a park and community pool; large kitchen/chef’s kitchen; upstairs loft for children’s play area; spacious Master bedroom; luxury Master bathroom; Price point: Up to $350,000.
The UP side:
The home had everything except for a luxury Master bath and a 2-car garage. It had a large kitchen and great location with 3 parks and community pools within a short walking distance. The kitchen exceeded expectations—a Chef’s dream!
The DOWN side:
Since the garage was not a true 2-car garage and the driveway was only 5’ long, the only extra parking available was at street level. The Master bath was also a problem, as the room provided just enough space for dual sinks, toilet, and shower—hardly the “luxury” standard they were hoping for. In addition, the price point was at the top of their budget at $355,000.
The OPTIONS to consider:
• Determine the level of importance of the garage, parking and master bathroom, and compare it to the importance of the kitchen and location.
• Understand the market. How does this home compare with others within your budget? Do comparable homes have similar kitchens? How many homes have similar problems with garage size and parking? Is there enough parking available for everyone? Do other homes in the area have similar master baths?
• Consider the length of time of ownership. Less than 3 years? Is this your “forever” home?
• Will the compromised items have an impact on resale value?
In this situation, the buyer decided to move forward with making an offer. Why? It came down to a Lifestyle choice. The location of the home was perfect for every member of the family. The spacious Chef’s kitchen was equally as important since cooking was a family event, and this kitchen provided enough room for everyone to cook together.
What would YOU have done?
Take a moment and consider the options. Would you have compromised?