Are you house hunting but finding it hard to find a place that checks all your boxes? Well, what about considering compromising on one or two of them? While that may not sound appealing at first, compromising is actually an important part of most home purchases. Every buyer, not just first-time buyers, who don’t have an unlimited budget will have to make a compromise for the bigger picture. Obviously, price is going to be the biggest non-negotiable. Your budget is your budget, and you don’t want to compromise on that and over-extend yourself. So let me tell you about the top things you should consider compromising on in order to make homeownership a reality.

Size of the Home

This comes down to more than just the square footage of the home. Obviously a 1500 sqft home will be cheaper than a 2000 sqft home, no one is disputing that, but most of us don’t tend to focus on the exact square footage when house hunting. What I want you to think about compromising on is that second bathroom, third bedroom or home office. The extra room that will increase the price tag but that you could live without for the moment. If the home you want to purchase could fit a powder room on the main floor, then that’s an easy compromise. Wait it out and renovate in a couple of years. If a third bedroom is pricing you out of the location you want, think about creating that space in the basement.

I’ll be honest with you; home offices are usually the first thing to go when looking for a compromise. As someone who works from home when not on the road, I definitely understand the desire to have a home office, but since you can really create workspace anywhere in your home it shouldn’t be the thing preventing you from living in the location you want.

Condition/Finishes

I’ve seen it time and time again, the space is great, but the client can’t get past the dated kitchen or bathrooms. These are things you can easily live with and change a few years down the road. Finding something move-in ready that doesn't need any work, but fits your budget in the location you want, can be challenging. If it checks all your other boxes just remember that this is probably the easiest thing to change, even if you can’t change it right away.

Finished Basement

This one may be an obvious one but it’s definitely worth mentioning. In most homes, a finished basement means having a second living space, but it also means a higher price tag of at least 100k, probably more. If there are other things that are a priority, like that third bedroom or parking, then the finished basement should be the thing to go. The plus is when you do get the chance to renovate it you get to design it with your ideal layout and finishes.

Outdoor Space

I’ve always been one to make the most of the outdoor space that I have whether it be a balcony, terrace, or back yard. So why would I suggest compromising on outdoor space? If other things rank higher like location, size, or parking, then outdoor space may be the thing to compromise on. Also consider how that space is being used. If the balcony is 2 feet by 6 feet, what can you really use it for beyond guests that smoke? 4 feet by 6 feet? Probably just a small patio set. Also consider the larger your outdoor space, the more work it will be to maintain it. If you’re a first-time homebuyer, think about how you would use that space, and if you can save it for your next property.

Parking

I know what you’re thinking, I have a car and I absolutely can’t compromise on a parking spot. A parking spot in Toronto, in a condo or house, can also add an extra 50-100k to the price tag. If you have a car and a parking spot is a necessity, there are a few routes you can take to buy a home without a parking spot and still park your car.

1.     Rent a spot: If you’re looking to buy a condo, check with the seller or property management on how many parking spots are for rent or how often they come up for rent. If it’s seeming like spots come up for rent often, it may be worth it to buy a lower priced unit without parking and rent a spot.

2.     Street parking: Street parking is an option for both a condo and a house without a parking spot. Contact the city’s parking permit office to determine if street parking is available on your street and if spaces are available.

3.     Mutual drive: I wanted to put this one here just to remind you not to be turned off from a mutual drive right away.  Reach out to the seller’s agent to see how the sellers and neighbours use the mutual drive, if the neighbours have a car, and what the general attitude towards maintaining it is. Try driving your car down the driveway, not all mutual drives are wide enough for a car to pass through so if you are planning on using it make sure your car fits.

Location

I know I’ve spent most of this post hinting that location is probably the last thing you want to compromise on (right under price of course), but if all else fails it’s worth considering.  While location is one of the most important aspects of purchasing a home, it can also be the priciest. If you’re not finding anything you can afford in your ideal location, you may need to switch it up. Some locations are a luxury, and if you’re finding yourself having no luck in one area being flexible can help get you into a home quicker.

I hope that this has helped to show you that compromises don’t have to be so scary if they help you reach the finish line and stay within your budget. My biggest advice to you is make a list of your must-haves, starting with the most important down to the least. Make note of the things you think you could compromise if you’re able to get a few of your top things exactly how you want them. If you’re looking to buy and want to discuss your must haves, and potential compromises, I’d be happy to help!