~ Buying a Home? Try the 80% Rule ~
Most of us envision the "Perfect Property" when we think about buying a home. It's smart to to visualize what you're looking for and even smarter to write it all down. Knowing what you need and want and sharing that information with your Realtor will save you both a lot of time and energy.
The 80% Rule will also save you time and it's a simple way to analyze prospective properties in a systematic way. When I'm working with Buyers, especially first-timers, I suggest evaluating every property this way. I tell them if they find a home that has 80% of what they need they should look at it more closely...to sort through what works for them and what does not.
It's likely many of these issues can be fixed with paint, a new floor covering, landscaping, remodeling, and so on. If 10% of the problems can be made to "go away" I tell them we're onto something HOT.
But what about the last 10%? Nothing in life is perfect---least of all a home that's been built and/or lived in by somebody else. If you've found a home that is ... or can become....90% of what you've been dreaming about, give it a go. Write an offer for 10% under the seller's listed price and cite those issues of concern to justify YOUR price. In the end...and these offers often pan out...you'll pay 90% of what had been asked and you'll wind up with a Nearly Perfect House.
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