Eeny-Meeny-Miny-Moe… Trade-offs in Real Estate

I wrote recently about the importance of narrowing down your list of must-haves for a Real Estate purchase; today, I’d like to talk about the kinds of things you might consider once you are down to the top 2 or 3 homes you’ll weigh against each as you prepare to make an offer.

This Way That Way

Before you get (nearly) to the end of your search and allow yourself to be carried away on the wave of emotion that can accompany your home purchase, think through the kinds of things that might pop up as trade-offs in your home search. I’ll lay out a few scenarios you may come across; thinking through trade-offs like this now will give you courage and chutzpah when tough decisions come up during your home search.

Curb Appeal

Charming Curb Appeal vs. a Killer Backyard

What to do what to do… It’s wonderful to come home to a beautifully landscaped front yard, maybe a darling porch or shutters just like your favorite aunt had on her house. But you’ve always wanted outdoor living space: a roomy deck with space for a table and a grill, or plenty of yard for the kids to roam in. Sit down at your computer or with a pad of paper to make a list of pros and cons for each feature. A big backyard means more mowing; on the other hand, amazing curb appeal might not make up for a tiny backyard. What matters most to you, and will add to your quality of life to the biggest degree?

Dining Room

Formal Dining Room vs. an Extra Bedroom

Dinner parties or space for the Mother in Law? For some people, this is an easy decision. Maybe your family isn’t the formal dining room type. But what if you really thought about what you wanted and turned that space into a library with a couple of cozy chairs and endless built in shelves? And the extra bedroom – it could be the office or sewing/crafting room you’ve been wishing for. Consider not just the immediate uses for each feature, but the potential of these spaces. If you plan to stay in your next home for a long period of time, think ahead to what you’ll want from your house in 3 years, 5 years or 10…

Garage

Finished Basement vs. Four Star Garage

The bonus to this scenario – one home on your list has a fantastic basement, the other a totally tricked out garage – is that both of these features will pay back dividends when you sell the home in the future – whichever option you choose. One way to look at the picture is to consider what it would cost you to upgrade either the garage or to finish the basement, depending on which home you choose. If you are searching for a home with a bigger footprint for your growing family, it makes perfect sense to choose the home with the finished basement. If your next home is the empty nest you’ve been seeking after the kids went off to college – go for the garage you’ve always wanted!

Maybe you’re ready to start your home search, or maybe you want to discuss the pros and cons of upgrades you are considering making to your current home. I’m here to chat about all things Real Estate – the home you live in now or the home you want for the future. Just give me a call!

Jack Meyers

The Meyers Group
jackestate@aol.com 
303.263.3050
Twitter: @jackestate

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