Finding right home means making tradeoffs

Which compromises make financial sense?
Published on Aug 20, 2007

You want the home you buy to include certain features, but you're not likely to find all of them in one house for the price you'll be willing to pay. You can compromise on location, home features such as size, condition, price, or all of these. Just make sure that the tradeoffs you make are carefully considered and that they don't compromise your quality of life. For example, let's say you want a single-family home and you want an attached garage with inside access for convenience and safety. You also want to be close to an urban center where you can easily shop and take care of routine tasks quickly. After looking awhile, you find that most of the homes in your top-choice neighborhood have detached garages or no garage at all. A compromise might be to buy a condo or townhouse in the area that has built-in parking. You swap a single family-home for a condo. But you get the area, convenience and security, all of which are also high on your list. Another option might be to...