Unfortunately, there are compromises you may have to make when buying a house, especially if you’re buying a house in London. Sure, your dream home might be a mansion in Mayfair but you’ll probably have to settle for something slightly smaller in a less impressive postcode.
However, there’s nothing wrong with being fussy when it comes to buying property. After all, it’s a big expense and not something you should go into lightly. A little open mindedness and a willingness to adjust your expectations though will go a long way into getting on, or further up, the property ladder.
So, although you may have a list of non-negotiables such as the house mustn’t be on a busy road or it must be within walking distance of a tube station on the central line, below are a few compromises you may have to make when buying a house.
Location
Assuming you’ve put your plans to buy a mansion in Mayfair on hold for the moment, are you being open minded about where you’ll live, or do you have a list of no-go areas?
If you’re determined to stay in London, have you thought about moving to one of the cheaper areas on the outskirts, such as Barking or Dagenham? (Okay, Barking and Dagenham are technically Essex but they also come under east London.)
You’ll have a longer and more expensive commute into central London if that’s where you work but you’ll get a house in those areas for the price of a flat in a more central location.
All is not lost though if you’re not willing to budge on location and you want to live somewhere leafier like Greenwich or Wandsworth, as there are plenty of schemes to help you buy property in London.
When you have decided on a location to purchase, you will also need to factor in the cost of conveyancing solicitors in London who will be responsible for ensuring all the paper work relating to your property is in order. Fees typically range anywhere between £1000-2000 plus VAT and other third-party costs.
Decor
When you speak to an estate agent about finding a house to buy, one of the questions they’ll ask you is if you mind a house that needs work doing to it.
The extent of that work can vary but if you had it in your head that you’d only buy a house that’s immaculate and in show-home condition but you can’t find any in your price range, perhaps you should have a think about whether a bit of decorating would be okay after all.
Size of rooms
Big kitchens and big bathrooms are always top of our wishlists when it comes to buying a new home. But as we all know, big kitchens and big bathrooms come at a premium.
Bedrooms are also another consideration. The number of bedrooms required is usually a non-negotiable factor but are the sizes? If you’re a family of mum, dad, hulking adult son and growing teenage daughter, then you will need bedrooms of a decent size for you all.
But if you’re a single woman who works from home and is looking for a three-bedroom house so you can have a bedroom, a guest room and an office, do they all need to be double rooms, or can you work comfortably enough in a box room?
Also remember that, when finances allow, extending your property is an option. So you might not have that big kitchen when you move in but there’s nothing stopping you from making it bigger with an extension further down the line.
Don’t compromise too much
Although there are undoubtedly compromises you may have to make when buying a house, don’t go too far. Remember, you’re buying a home for you to live in and you need to be happy there. If you compromise too much and live to regret it, you can’t just up sticks and leave at a moment’s notice.
However, if you have trouble finding your dream home, a few compromises can mean you end up with a home you love after all.