Wednesday, 11 March 2015

Compact living, space vs location when house buying

When you’re looking for a home, it can be really hard to get the balance right. You want the perfect location, so you look around your desired area…but find that all you are faced with is houses that are too small, or too big.




The problem is that in most cases the perfect solution doesn’t exist and you will find yourself having to make a difficult choice – the home you love, at the size you need or a home in the right part of town.

When budget is a factor (and it usually is) you often have to trade off a place in the popular part of the city for a bigger property further away from the best area. Popular postcodes often come with a price tag to match, so you’ll get better value for money if you accept a place that’s not in the popular area. When it comes down to it, though, in most cases – what’s more important? An extra bedroom and a decent sized garden for the kids, or being able to say you live in the nice part of town?

It’s been suggested that men and women see things differently, with men wanting to spend their cash on getting a bigger property and therefore more for their money, while women often tend to put more value on the location of a house, because they see a wider picture – they want everything close by, amenities for children (or potential children), good schools and a nice neighbourhood.
If you can’t find a property you can afford in the area you really want, you might need to consider whether you’re being realistic about the whole thing. You could hold out for a place that ticks every single box…and still be waiting in two years’ time. Or you could decide to compromise on your list of criteria and then find a gem of a place that you wouldn’t have noticed if you were still holding out for that non-existent affordable property with three bedrooms and a garage in your favoured area.

If you need extra room for a growing family, it’s probably wise to expand your search to include areas you might not have considered too. Just because it’s not the fashionable post code doesn’t mean the area is going to be awful; check out a few neighbourhoods and find areas that you would consider. Research schools and transport links and see if you can’t find somewhere that appeals just as much.
If you don’t have a growing family to consider, you can be pickier about location and opt for a smaller home that uses space cleverly. Be flexible on the number of rooms you need and see how the current owners have used available space; older properties may have potential for expansion, and are often bigger than new builds to start with, making a one or two bedroom flat much bigger than it sounds.

The key is to be realistic. If you’re looking for advice on finding the right home for you, contact us at Sturrock Armstrong & Thomson and we’ll be delighted to help.