Okay, this is a "just for fun" thread as it seems that so often people say that, if only, house "X" was located where house "Y" is at the price of house "Z" ~
1. The absolutely perfect house for you - layout, amenities, size and style BUT it's location isn't where you wanted to be ....
2. Perfect location - just where you have always wanted to live but the house itself is not what you were hoping to buy ....
3. Both house and location are perfect but the price is more than you wanted to spend; it's doable but only if you give up all the extra's ....
Just wondering and thought it might be fun to find out which factors are most important when "push comes to shove" ~ house, location or price?
Choices two and three work best because they can always be upgraded to what someone wants. The only way to fix location is to move the house - a very interesting proposition but not very practical.
I suppose I'm an option 4 kind of person.
Depending on what the issues are with 1 and 2 I would keep looking.
1. Depends on what the location issue is - is it next door to a service station - then No. Or if the problem is it is in a slightly different area than I wanted - then maybe. If my current home was located on the west side of the highway - then we would not even have looked at it, much less buy it.
2. The house plan we chose was not my favorite, but DH liked it and I had no real objections - so with a few modifications we chose it and then 2 - 3 years later added on. When doing the house search I was shown 75 (exageration) different 3/2 ranch style homes. I really hate the ranch layout. So that style home would be a non-starter for me. Some of the split bedroom plans are not good with me either.
Although our current house cost waaayyy more than we originally budgeted it was well within our means and we did not have to give up anything to buy it.
Soooo, since we've never bought a previously lived in house and we've never really had to compromise - I would wait.
Much can depend on where you are in your life. Getting everything you want in a stretch (in one mortgage) for a young to middle age couple with hopefully more wage increases in the future, can be attractive. Not so great if you are on fixed income, and unable to afford the unexpected common repairs that tend to arise.
Same with choosing a great location, but having to do a lot of costly changes. Some can DIY, but nearly always the cost is more than originally anticipated.
I personally would always choose "location" as the number one choice option. Not only the lot, area, town, city, etc as well as the neighborhood. This one thing there is little to be done to change or improve. And if you don't like it, chances are the next possible buyer is going to have reservations too, thus it will be harder to sell.
I would do exactly what we did! Buy land! Save! Buy some things on sale & store! Build the house ourselves! Pay as we went...NO MORTGAGE & the location is fine! Since I drew the plans...I got what I wanted!
"The soil is the source of life, creativity, culture and real independence." David Ben-Gurion
I think at this point in my life, I would put location as my top priority---
Thanks all for some every interesting responses!
There is no one right answer as far as I know; just posted this thread for fun to see if there was a clear direction people lean when house-hunting...
Some of the main threads of thought I picked up on ~ of course, you can always change/renovate a house but I hadn't counted that factor in re the DIY/contractor additional costs when I posed the three scenarios.
Actually knew someone who DID move a house onto their preferred location and were on pins and needles the entire ~ worked out well for them.
Great point that it depends what stage in life you are in ~ in so many ways - first house, last house? income increasing/stable or retirement level?
Buying land and saving to build meets all three of the criteria ~ great choice! I wonder how many people now days actually have the self-discipline to do that?
Interesting so far ~ think location has a slight lead at this point!
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