As we begin showing properties to potential home buyers, we are always surprised by some of the items people get hung up on. Sometimes they complain about wall colors (it’s just some paint! Paint over it!), or they get hung up on appliances (you’re buying a house, not the appliances!), or they even find themselves stuck on the fact that they hate the flooring. However, all of these things can be CHANGED!
So, how do we help our home buyers overcome these obstacles and get into a new home? We like to remind our buyers about the 80-10-10 rule in real estate!
What’s the 80-10-10 rule?
The 80-10-10 rule is when looking at a potential home to purchase, you should LOVE 80% of it. Another 10% you can live with. And the last 10% you can change.
80% of Love
When we consider the 80% you love, this means the vast majority of the home you’re eyeballing is just how you like it! We think the layout and the overall condition should be at least 80% for MOST home buyers. But, this also depends on what type of house we are searching for!
10% You Can Live With
The 10% of the house you can live with are the things you CAN change, but you don’t have to adjust to be ok with the house. This can also be items that you can’t change, but you chalk it up to “it is what it is.” What items fall under this 10%? Only you can answer that question!
If you’re only looking at fully renovated homes, your 10% may be that it isn’t your ideal location or street. Maybe this 10% is that it doesn’t have a shed or garage.
However, if we look at homes that need some love, the 10% you can live with will likely differ. For example, the items you can live with are older wiring or plumbing because it still works, and you can live with this situation for now!
10% You Can Change
Now, what about the things you want to change about a home? This category covers those items. Sometimes that 10% will be the appliances, kitchen countertops, or flooring. Other times, your 10% threshold for things you can change will be an older roof. Again, this varies based on the person, budget, and type of home you seek.
The layout of a home can be changed, and for some homebuyers, this may be the 10% they can change. Knock down a wall and get that open-concept living room you always wanted!
Last Thoughts
We don’t believe that paint should fall in your categories of “living with” or “things you can change.” Painting a house to suit your taste or needs is something ALL homeowners deal with. Everyone ends up having to paint at some point!
Let’s find your almost-perfect home!
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