Real Estate and The 80/20 Rule

I am sure most of you have heard about at the 80/20 rule and how it applies to most things in life. Statistics say the following:

  • 20% of your activity leads to 80% of your happiness and outputs
  • 20% of the companies employees account for 80% of company’s output
  • 20% of activities produce 80% of financial rewards
  • 80% of the land in Italy is owned by 20% of the population

There are a million of these statistics and not only does the 80/20 rule apply to life but it also applies to your Real Estate purchase as well. Before I begin working with any of my buyer clients I explain to them that you will never get 100% of what you want in a home. It just doesn’t exist unless you are buying a vacant piece of land and are building a custom home, even then building permits and zoning may prevent you from getting 100% of what you really want. When searching for a home it is important that you ditch the 20% and focus on the 80% of your wish list that you will be happy to settle with. 

A home wish list is extremely important and you must discuss with your co-purchaser the things that you would like to have in a home and what you can and can’t live without. You may want to be in a particular neighbourhood where the average three bedroom home is selling above your price range so you settle for a two bedroom instead. You may require two parking spots and it is just not possible so you settle for one parking spot and street permit parking, etc.. Whatever your Real Estate purchasing goals are you will get a clearer picture once you get out and view the homes available in your desired areas and having the 80/20 Rule in mind will help you evaluate what you are willing to settle and not settle for. I find purchasers that follow this rule have the happiest outcome and in the end they don’t feel like they have settled at all. 

If you need help making your house purchasing dreams a reality contact us anytime at info@wyhomesco.com