Finding the right balance between cost and quality can be very challenging.

We’re usually willing to be nice about it but we’re a demanding bunch of people and nowhere is this more prevalent than in the real estate industry. Having bought and sold many properties and had the opportunity to interact with countless individuals over the years in relation to property, we can confidently say this is an industry with a greater proportion of people with ‘champagne taste on a beer budget’. Although a ‘bargain’ is occasionally won, more often than not a property will sell for more than someone would ideally like to pay because we are all in search of a great deal.

When looking for a property or contemplating building one, the budget is obviously a crucial factor as it will likely be your most expensive investment so the 4 L’s should be seriously considered before embarking on your search:

LAND – The size, slope and aspect of the parcel. Think long and hard about how important  the land size is to you. Do you simply want to have it because you think it’s important or do you plan to utilise it. Remember, big land = big maintenance and big money so think about how much you really need.

LOCATION – Where is it, what suburb, how valuable/scarce is it and what factors are important to you – Close to CBD, schools, transportation, shops?

LIVABILITY – The size of the house, how new/old it is, convenience and appropriateness of the floor plan, whether it has what you’re looking for and has that ‘just right’ fit.

LUXURY – These are more of the ‘wants’ or ‘nice to haves’ rather than ‘needs’. Is opulence important to you, do you want an air of luxury or sophistication and how important is quality in finishes and workmanship.

If you want all 4 then get ready to pay but if you’re willing to compromise then the price tag will come down but be careful not to set yourself up for a frustrating experience by wanting it all while not wanting to pay. This generally does not end happily as you either find yourself living in something you don’t like or fall into unaffordable debt and spent future years eating 2 minute noodles with no holidays.

Ask yourself what is truly important and prioritize based on your budget (make sure you know your budget!). If you have children, perhaps a bigger parcel of land is the absolute ‘must have’. If you’re a professional couple or young retirees, maybe Luxury is a greater priority and if you’re commuting regularly, perhaps convenience of location is your #1. Regardless of your personal circumstances, try to be reasonable with your expectations if you truly wish to end up with a home that is your happy place.

At Manasons, we proudly place greater emphasis on the last 3 L’s as we’re fans of inner city convenience, livability and luxury… day to day living made as appealing and easy as possible with local essentials just minutes away.