The Art of Compromise - A Skill Every First Time Buyer Needs To Acquire

The art of compromise is a skill a first-time buyer needs to acquire quickly. It’s unlikely you’ll get all three points of the triangle in your first home: budget, space and location. You will probably have to relent along the line and let something go. Some first-timers are lucky and do find the latest property for sale and to rent in a great location that still manages to fall within their budget, but I suspect they’re playing with more cash than the majority is likely to have.

The Art of Compromise - A Skill Every First Time Buyer Needs To Acquire

However, I think you should be able to get at least two out of three of the points in the triangle, while compromising on the third. For instance, you might find an airy flat with three spacious bedrooms for the amount of money you can borrow. The catch is it is in a dodgy neighbourhood that hasn’t quite heard the word ‘regeneration’ yet. The gamble is whether the area will improve in the near future, but you can generally spot certain signs that indicate that a place is up and coming. Some of these signs are:


  • New developments being built
  • A new transport link, or improvements to current links
  • The main shopping parade getting a facelift
  • The council repaving streets and pavements and installing new street furniture
  • Local residents planting and tidying verges and roundabouts
  • Graffiti being cleaned up and the removal of old furniture and mattresses in the streets by the council and residents
  • Gastro-pubs and other smart eateries opening up
  • Plenty of skips in the streets, indicating locals are doing up their homes

Meeting compromises is a game most first-time buyers will have to play, but don’t be disheartened. Even buyers with plenty of money don’t always get absolutely everything they want. Another common compromise for first-timers is venturing out a bit further. Many choose an area where they want to live and find they can’t afford to live there. By stepping over the boundary in