What are you ready to compromise when buying a property?
Compromise may place us in front of difficult decisions especially when the decision includes buying what arguably is, the largest investment of our lives.
Why do we have to compromise in the first place?
Although, the budget might serve to buy a comfortable property for us or our family, it is only in human nature to wish just a little bit more then we can afford. The extra room for a study, that little bit of a sea view, a terrace instead of a balcony and a 2-car garage instead of a of 1 car garage. Unfortunately, upgrades in property don’t come in hundreds but in thousands, thus, putting us in the need for a compromise.
What cannot be compromised?
A list of priorities must be clearly drawn from top to bottom. If I have a family I can decide not to have a view, but having a three bedrooms might be a top priority. Affordability is also another issue which cannot be compromised. A decision must be taken if you are seeking ulterior financing such as bank or parents and a limit must be set in stone. If we can afford a 100 sqm apartment, then it is useless searching for a 200 square meter one. Targets must be realistic and affordable and one must also take stock of the current market scenario.
Being islanders, most of us love to be surrounded by the sea. An early morning run on the promenade, a coffee at our favourite kiosk or a quick late afternoon swim in the summer months may be perks to some and must to others. Having a Seaview balcony is also attractive and taking a cup of tea at the comfort of your own home certainly adds flavour to life. However, this also comes at a hefty price tag. Where does the compromise come along? Am I able to walk 5 minutes down to the promenade whenever I want to have a cup of tea and enjoy views of our beautiful Mediterranean blue sea? Would this serve me to de-stress myself from a rigorous routine or am I better off stressing myself in my Seaview balcony wondering how am I going to pay the next monthly bank repayment?
Where does location feature in my priority list?
Why is location important for me? Most of the people seem to be very convinced where they want to live, however, few of them ever ask themselves why?
There may be many reasons why choosing a particular location from another. Some are tied with making their lives easier such as proximity to live next to the parents because they do give a helping hand. Other decisions are purely work related. Although, the island can be crossed at length in less than an hour, during the morning rush hour, living in Mellieha and working at Smart City might not be a very smart choice after all.
However, yet again, prices do vary from one location to the other. Between San Pawl Tat- Targa and Naxxar, the distance may not be that much, but the market price may vary from affordable to out of budget.
Yet again understanding our own priorities, will allow us to take decisions of what we are ready to compromise when purchasing a property and what not. The clearer the priorities, the easier the decisions.
This is why careful planning is strongly suggested before actually starting the property hunt. This will certainly help with your quest for your new home.