When it comes to evaluating properties, I often use the “80% rule” to guide my clients in their decision-making process, especially for first-time home buyers.
The 80% rule is a simple but effective way to narrow down your search and find a home that you’ll love. It suggests that you should aim to find a home that satisfies at least 80% of your desired criteria. No property is likely to meet every single requirement, but by focusing on the key aspects that matter most to you, you can make a more informed decision.
Here are some of the factors you might want to consider when using the 80% rule:
Location: Where do you want to live? Consider the neighborhood, the school district, the proximity to work or other amenities.
Size and layout: How much space do you need? Do you want a single-family home, a condo, or a townhouse?
Features and amenities: What’s important to you? Do you want a pool, a garage, or a certain number of bedrooms and bathrooms?
Condition/quality: How well-maintained is the home? Is it in need of any repairs?
Price: How much can you afford to spend?
Once you’ve considered these factors, you can start to look at homes that meet at least 80% of your criteria. This will help you to narrow down your search and find a home that you’ll be happy with.
Here are some additional tips for using the 80% rule:
– Be flexible with your requirements. No property is perfect, so be prepared to compromise on some things.
Consider your priorities. What are the most important factors to you? Make sure to focus on these when making your decision.
– Do your research. Before you start looking at homes, do some research on the market. This will help you to understand what’s available and what a fair price is.
– Get pre-approved for a mortgage. This will give you an idea of how much you can afford to spend, and it will make the buying process go more smoothly.
