We all want to find that “perfect” property: the one that doesn’t need any work, has tons of square footage and beautiful finishes in a location we love. But for those of us who don't have unlimited budgets, that's not easy – especially in a super-hot market with a ton of potential buyers and not enough properties to go around. If you keep focusing on perfect, you could miss out on some good (or even great) places. And you could end up looking for a LONG time.
My advice to my clients is always: be prepared to compromise. If you don't let the perfect get in the way of the good, you can still get something great. Plus, you’ll get into the market sooner and start building equity faster.
Follow the 80/20 rule
If a place has 80% of the items on your wish list, you're doing well. I always recommend separating that list into must-haves and nice-to-haves. If you have to be in a specific school district for your kids or you need space for a home office, those are obviously must-haves. But if a place doesn't have state-of-the-art appliances or hardwood floors, that’s something you can change down the road.
So maybe you can live with two bathrooms instead of three. Trade off a slick brand new condo for more square footage in an older building that needs a few updates. Or maybe it's a matter of buying outside the city to just get into the market and stop renting.
I had clients recently who were looking in South Etobicoke and couldn't find the square footage they wanted in their price range. So they expanded their search to a neighborhood in east Mississauga – one they hadn’t even been aware of – and found a great 1,000+ square foot unit in a building near the lake. Plus, by buying in Mississauga, they didn't have to pay the Toronto municipal land transfer tax, which added 10K to their buying budget. A little compromise landed them a great property!
So before you start looking, decide on the deal-breakers, the things you can live with (though maybe not love) and things you can change over time to add value to the home. Explore different neighbourhoods. Check out the “properties you might like” feature on condos.ca when you look at a listing. And remember, even if you don't get everything you want you can still get into a place you'll love.
Need an agent to help you narrow down your needs and make the right move? Get in touch – I’m always happy to help!
A good agent will help you manage your expectations and offer insight to help you make a decision will be happy with period
About Sean Miller
Sean is one of the top realtors at Property.ca. He has the drive and expertise to guide you through one of the most important financial decisions you’ll ever make. Whether you're a first-time buyer, a seasoned seller, are new to the Toronto market or are looking for a great investment, he makes the experience as stress-free as possible, quickly assessing your needs and offering a full range of options that fit with your lifestyle and budget. Navigating the GTA market is his specialty, and stellar customer service and deep market expertise are his calling cards. He is always ready to go the distance to help clients make the right choice, at the right time and the right price.