Striking the right balance when you buy

This week one of my clients bought a condo. This is not unusual. She had two that she wanted. Also not unusual. They were in different towns, different sizes, and $70,000 different in price. This may sound unusual, but it isn’t.

So, how did she decide which to buy? She’s heard “three things matter in real estate: location, location, location...” But working with me, she also knew the formula:location + size + condition (with some variation for charm/style) = price.

Location is there forever! Size is expensive to change -- and may be impossible. Condition will change -- whether you want it to or not.

A smart buyer chooses location or locations first: check your commute, your walking routes, your regular shopping routine, night safety and quiet. If you have flexibility in your locations, you will have more choices. I am not saying that you must move far away or into a bad neighborhood; rather, I'm encouraging you to find neighborhoods that work for you by trying them out.

Once you know the area or areas you like, then you can more comfortably balance the questions of size and condition. A home in the “best” location may be too small or too run down for you. Sometimes another good -- but not great -- location will afford you more space or a better condition.

My client knew her options and made her choice. So, what did she buy? She chose the one in the good, not great location. She bought the higher price of the two, but got a bigger condo. She passed on the opportunity to buy in a better location at a lower price, because it was the smaller condo. Did she make the right choice? I think so, but more important, so does she!