Now, I know what you’re thinking – doesn’t the “triple constraints” only exist in the project management world? That is where the term comes from, but I think there’s a similar concept that can be applied to home buying.
For those who want to find out more about the triple constraints of PM – you’ll find an overview here.
There are many factors that impact what, how, and why you buy. However, the 3 most important factors are: budget, location, type or size of house.
What the heck do I mean by that? Allow me to explain – in order to be successful in finding the right home, you need to figure out what these 3 decision-factors are. And it’s worth your time to do so-these 3 factors play a huge role in finding the perfect home for you!
In no particular order – as they all play an equal role in the home buying equation – here’s my spiel:
Constraint 1: Budget or Affordability
If you are like me (and most of you probably are), you usually have a budget and can’t afford to go past it. This is really important and I highly recommend sticking to a budget. Stretching it can become very costly in the long run, but that’s a whole other blog post on its own! For most people, their budget is fixed and there is no wiggle room.
Constraint 2: Location
Some like to be close to family and friends – others, not so much. Some love rural peacefulness while others are keen on the buzz and action of the city. You may want a shorter commute to work but that may mean you sacrifice on other wants. If you’re lucky, you might find a location that is of good balance. So, it helps to pick a location or two that you’re willing to work with.
Constraint 3: Type or Size of House
This constraint speaks for itself – what type of house do you want and how big should it be? Can your needs be accommodated by a 1 bedroom condo or do you need a 4 bedroom house? You will come to find that this is one of the hardest constraints to determine – there are way too many options! You can never have too much space – just ask my wife. You will always want more space, but you should set a minimum requirement. You may want the luxury of amenities like a pool, fitness room, etc. and opt-in for a condo lifestyle. Then again, there’s the option of having a vegetable garden and recreation room in the basement. The possibilities are endless, I tell ya! There are differences between all the homes and they all suit a specific lifestyle. But remember to pick what you need.
Have you thought about how the 3 constraints would impact your decision making? If you have – good for you! You are now ready for the next step, bearing in mind that you essentially want to keep 1 or 2 of your constraints fixed and to be flexible with the other(s).
If you haven’t had a chance to think about them and don’t know where to start – don’t worry! That’s what I’m here for – I can help you determine what your options are for each constraint.
So there you have it folks – my triple constraints of buying a home!
For your chance to meet Theepan, a passionate young real estate professional with a vision to empower people, make sure to get your tickets to TC’s anniversary party here!
Feature image from Just Residential.