Have you ever had to choose between two properties?
Have you found yourself having to choose between two homes that you love? It’s a great problem because some buyers struggle to find one home that meets their needs. However, this knowledge doesn’t make the process any easier. If you find yourself struggling to decide between two houses, this article can help you make a decision you’ll feel comfortable with.
One home-buying decision you may have is choosing between two great homes. It’s harder than it seems, especially if you’re a first-time home buyer with little experience. It’s also critical not to waste too much time trying to decide if both homes are bought up quickly.
Before panicking, check out this decision checklist below and approach the problem logically. It’s recommended to keep a list of pros and cons as you work your way through!
Many buyers may fall in love with two homes in Melbourne at the same time and struggle to decide between either of them. While others are racing around frantically trying to find their dream home, some are torn between two desirable houses.
In couples and families, there may be a split decision between two or more people invested in the process. One may have fallen in love with a house with a large lounge room, while another prefers a home office with maximum storage capacity. In other cases, a buying pair may be in love with two separate homes.
Sometimes, it can be all or nothing in the house-hunting game. Depending on the market, few desirable homes may be in your price range.
When you find several homes that seem perfect, how do you decide which house to pursue and which ones to leave behind?
Enter the pros and cons list. The list works best for multiple people invested in the buying process. The more family members there are, the more compromises you’ll need to make when deciding which house to buy.
Go back to the beginning.
When you began your home search, did you make a list of all your deciding factors? For each home you’re considering, list everything you like about it. Compare those lists to your original checklist of needs and wants. If one home matches more of these, your decision may be more obvious.
Consider the neighbourhood
While you may imagine your future home as an oasis, you don’t want to be isolated or far from the action. You will be part of a community that can impact your overall happiness in the long run. Take time to evaluate each neighbourhood and what you don’t like about it. How far will you be living from your workplace? Is it close to good schools? Are there a good number of amenities nearby? What is the crime rate like? Do the neighbours keep their yards nicely maintained? Are there any other homes for sale in the area, and do they sell quickly? These considerations can help you determine which neighbourhood is more suitable for your individual needs.
Think about the future value
Selling your home later may not be top of mind, but it’s important to consider its resale value down the road. How does each home stack up to the others in the community? Is it larger or smaller? Is it the nicest house on the block, or does it fall somewhere in the middle? Are property values in the neighbourhood going up or down? How long do homes in this neighbourhood typically stay on the market before selling? Are there many foreclosures? If you think you’ll be selling your home anytime in the future, it’s important to consider your investment return.
Consider your lifestyle
Which house best suits your current lifestyle? Storage space may be necessary if you have a large shoe collection or a lot of outdoor equipment. Maybe you’d like a spare room for running your business or a cinema room. Perhaps you love to entertain. How does the house layout of either house make that possible?
Try to look past the staging and look at the design and floor plan of both houses so that you can find one to match your lifestyle.
Consider your plans for homeownership.
Think of the future. First-time house buyers and couples should factor in aspects like starting a family or whether the home will need renovation. Does one house have a better room size or need work to make it perfect? Considering your plans when purchasing a home can help determine whether a particular home will meet your short- or long-term needs.
Size and Storage
Moving could mean scaling up or down based on your current situation. Will your furniture fit in your new location, or will it feel cramped? When inspecting the properties, pay attention to the wardrobes, basement, attic, and garage space if applicable. Think of any seasonal items you want to store safely in your new area.
Compare home prices
If one house is within budget and the other is at the top of your limit, the decision process should be easier. However, first-time buyers may struggle because the house at the top of their budget ticks more boxes. Remember, having a smaller mortgage and more money in your bank account for living and savings is a lower risk. It’s a good idea to work with a mortgage broker and accountant to help work through the numbers and implications for both homes.
Location, location
Location is often a deal breaker, especially if one house has a shorter commute to work or is closer to other desirable amenities. If both are similar distance-wise, consider the quality of the neighbourhoods in each location. Ask yourself how well the houses and yards are maintained. Neighbourhood quality and appreciation go hand in hand. Ask your real estate agent for property sales figures in each suburb to see which is increasing in value.
You can change many things about a home, but you can’t alter the convenience to your work, schools, child care, train station, supermarkets, gyms, parks etc.
Consider the time you’ll spend driving, walking or commuting to your usual destinations from each home to avoid buyer remorse later on.
Schools on the radar
Good schools might be the deciding factor if you’re planning to have kids. Be sure to research the schools in both areas you’re searching. If resale value is important, it’s good to consider this aspect even if you’re not planning a family yet. If one house is zoned to a better school, you will attract more future homebuyers.
The condition of the houses
Is one house in better nick than the other? Is one ready to move in more than the other? Depending on your circumstances and budget, a home in better condition might be the best option. However, a house inspection will determine underlying issues before you decide.
Home buyers may be tempted to choose their home based on its appearance. Carpeting, paint, and the condition of furniture can contribute to the buyer’s overall assessment of the property. When considering the look of a home, it’s important to remember these two factors:
Firstly, the home will look different once it has a new owner and other furniture.
Second, cosmetic improvements are cheaper and easier to make than structural improvements. You can easily tear out the old carpeting and repaint the walls. No one should base buying a home on its appearance alone.
Focus on style and permanence
Many things about a home can be changed, but some aspects will remain the same no matter how much work you do. As you look at both houses, evaluate the amount of work each need. In addition, consider how much the renovations will impact the overall feel of the place.
You may love the structure and the original style of a home that needs a brand-new kitchen. However, your alternative option may a fully-updated home that doesn’t match your vibe. While kitchen renovations are expensive and time-consuming, you may end up with your dream house after only a few months of work. This is preferable to settling for a home that doesn’t feel ‘quite right’, even after years of smaller tweaks.
Have a second (or third home viewing)
By now, one property should stand out more than the other on your pros and cons list. It’s important to scrutinise each property several times to notice things that you didn’t before. It’s also wise to visit at different times of the day and driving by in the morning or evening to observe traffic flow.
Comparing the homes
When comparing homes, look beyond the staging, or lack thereof. Check out the foundations, including the home design, floorplan and the soundness of the structure.
Determine how well each home fits your lifestyle. The number and size of bedrooms and bathrooms are important, but have you considered storage space, entertaining room, and outdoor features?
Consider your plans, including whether you’ll be starting a family or moving into an empty nest.
Scrutinise those features of each home that require costly improvements, including the flow, the number of rooms, bathrooms, wardrobes and room size.
Finally, don’t forget your wish list. Which home has more plusses than minuses?
It isn’t easy, but try to restrict your emotions during the decision process and think rationally. If you find yourself switching back to a particular home that may be over your budget, consider whether it’s possible to add some of its features to the other, more affordable home.
A fast-moving real estate market might cause you to make your decision quickly. Your new home will also be a financial investment and it is wise to choose the home that will better hold its value.
Write up the pros and cons.
Still unsure? When in doubt, begin making a list of each house’s pros and cons, ranking each item in order of importance.
Tally up the results and see if one trumps the other. Also, trust your gut. If you have a good feeling about one house, don’t be afraid to add that to the list of as you evaluate.
Ask for feedback
Finally, if you’re still undecided, ask for input from a trusted friend or family. They may help you put things into perspective. When, not if, you re-visit the houses, take them with you. They may offer you advice or suggestions from an objective point of view because they are separate from the buying process.
You have to make the right decision for yourself and your family. If you have two homes on your wish list and one offer falls through, you may still be able to fall back on the second house.
Deciding between two homes can be quite an emotional decision. However, it is also a business transaction. Try asking for feedback from someone who is not emotionally connected to either home. If you’ve partnered with a trusted professional, they can offer advice and suggestions to help you make this difficult decision. A property agent who has worked in your market extensively will have the knowledge and experience to provide you with an educated opinion.
Ultimately, the best way to decide between two homes is to do your research. While intuition can help guide you, if you weigh the pros and cons and consider all the collected information, you will feel more confident that you’ll be happy with your home.
Even if you have no plans to put your new home on the market, it is crucial to consider your investment. Consider each property’s potential resale value, and don’t be afraid to ask your agent’s opinion on this.
Be honest about what your top priorities are!
