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How to Be Flexible with Your Budget

Do you and your partner have different ideas about budget when buying a home together? Learn how to be flexible with these top property tips from Veronica Morgan.

Julian and Nazrim are looking at buying acreage in Camden and they had a very specific brief and that was, it had to be certain land size, certain distance from the township and also a certain type of property. So I was encouraging them to look at the other parameter within their brief which is their budget.

Equally they needed to make sure they were on the same page with what they were looking for, so for anyone else who is thinking of doing a similar move should be very clear in articulating what their own needs and wants are and bringing them together to merge, to make sure that both people are on the same page.

Consolidate Your List Of Desires.

If you have a really specific requirement for a property and the sort of property you’re after is not readily found, then its sort of not much point in setting an arbitrary limit in terms of your budget. say for arguments sake your comfortable limit was 1.1 million dollars, but a perfect property came up that was 1.15, you wouldn’t even look at it. so I think its really important that if you can afford say up to 1.3, that you look at everything. You may not necessarily spend it, you may not necessarily find it in that price bracket either but at least that way you’re not missing out on something.

A Strict Criteria Makes Success Harder.

If possible extend budget to expand search. I talked about compromising on price and in this case Julian and Nazrim were in a position where they could, but for a lot of people that we help, price is really the last thing that they can compromise on. When  someone is engaging in a search its really important that they understand the full categories, or the four areas that your most likely to need to compromise on and have some thought in advance as to which one would be most appropriate for you. and that’s really your either gonna compromise on price, location, size of land or quality of dwelling, and if you have put some thought into that in advance, knowing that there is no perfect property, it might make it easier for you to make a decision when a property does come up, knowing which one of those four areas you are likely to give on.

Decide How You Might Compromise.

In the end, they did compromise and it wasn’t on price. they actually chose to compromise on the style of house. they ended up buying a project style home but they were really happy with the location choice in the end.

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