In the bustling real estate market, where budgets stretch from $300,000 to $3 million, the quest for the ideal home often reveals a crucial truth: there is no perfect house.
As prospective buyers embark on their search, they frequently come equipped with an extensive list of “must-haves” and “nice-to-haves.” While this initial checklist serves as a useful starting point, the real insights emerge when clients begin touring homes in person.
During these visits, a clearer distinction between needs and wants solidifies, offering a deeper understanding of what truly matters.
However, no matter the budget or market conditions, every home presents its own set of trade-offs.
A valuable method to simplify this process is the widely recognized “80-10-10 Rule,” which provides a structured framework for evaluating what aspects of a prospective home hold the most significance.
Under this rule, buyers should aim for homes that consist of the following:
– **80% of What You Love**: These are the core elements that form the backbone of your ideal living situation—location, lot size, or architectural style. These are characteristics that are generally difficult or impossible to change.
– **10% of What You Can Improve**: This category includes those features that may not be perfect but offer opportunities for enhancement over time, such as paint color, countertops, or landscaping.
– **10% of What You Can Live With**: This section accounts for minor inconveniences that aren’t deal-breakers, like a neighbor’s fence or a distant view of a water tower. If these aspects are relatively insignificant compared to the rest of the properties’ attributes, they won’t overshadow the more vital features.
To navigate the journey of finding a home effectively, many buyers tour between five to ten properties before making an offer.
If a buyer finds themselves enamored with a property early on, it’s often advisable to visit a few more homes as a way to validate their decision.
In some cases, that initial home truly is the right one, but gaining additional context can solidify the choice.
To help clients remain focused amidst the emotional whirlwind of home buying, a tool called the “L.O.V.E. Framework” has been introduced.
This framework is designed to cut through the noise while touring properties, enabling buyers to maintain a grounded perspective during the search process.
Here’s what L.O.V.E. encapsulates:
– **Location**: Consider the property’s position. Is it conveniently located near work, schools, or essential amenities? Given that location is one aspect that cannot be altered, it should always be prioritized.
– **Offerings**: Assess the home’s specifications. Does the number of bedrooms and bathrooms, square footage, and outdoor space meet your current and future needs?
– **Value Add**: Evaluate the potential for improving or increasing equity over time. Look for features like unfinished basements, cosmetic opportunities, and expansion potential.
– **Exit Strategy**: Consider the resale potential of the property. Even if the intention is to occupy the home long-term, it’s prudent to think about how it will perform in future markets if the time comes to sell or rent.
Whether you are at the beginning stages of your home search or feeling stagnant in the journey, it’s essential to remember that while a perfect house may not exist, the right house is out there.
With the proper frameworks and guidance, finding that right fit becomes an achievable goal.
Dana Bull, an established agent with Strobeck Antonell Bull & Co. at Compass, shares her insights as an Accredited Buyer’s Representative and Certified Real Estate Negotiation Expert, having dedicated a decade to helping clients navigate the complexities of the housing market.
Additionally, her passion for old and antique homes fuels her dedication, as she seeks properties rich in character and history.
image source from：nbcchicago
