Main Line Real Estate | Jennifer LeBow, Realtor

Helping You Relocate to Philadelphia's Main Line

Phone: (610) 308-5973 // Text: (610) 308-5973 // Email: jen@jenniferlebow.com

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Guide to Main Line Philadelphia Neighborhoods

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Philadelphia Main Line relocation
Here is some info to help you decide if Philadelphia’ Main Line has the kind of neighborhood you’re looking for.

So….you’re moving to the Philadelphia area and you think you might want to live on the Main Line (the suburbs to the northwest of the city). First of all, let’s make sure this area meets some of your basic criteria.

Location

The Main Line begins at Bala Cynwyd, the eastern-most town. Opinions vary regarding where the Main Line ends, but let’s call it somewhere around Paoli. Depending on whether you need to commute, note that if your destination is Center City, it will take about 15-20 minutes in commuter traffic from Bala Cynwyd and up to about an hour from Paoli. That said, the Main Line is named for the train line that was built when the area was developed. Therefore, if you find a home near the train, you can commute that way, avoiding rush hour traffic.

Lifestyle

The eastern communities (including Bala Cynwyd, Merion, Narberth, Penn Valley, Gladwyne, Wynnewood, Haverford, Bryn Mawr and Villanova) offer a variety of neighborhoods, but, in general, they don’t feel particularly remote. Shopping, dining and other services are mostly clustered around Lancaster Avenue (Route 30) and are convenient to most of the residential areas. As you move west toward Wayne, Devon, Berwyn, Malvern and Paoli, there are certain sections of those areas that feel a little more rural and/or removed from the hubbub.

As a rule, the Main Line caters to a fairly high-income, well-educated crowd. Not surprisingly, plenty of services targeted to this population are available. For example you’ll find farmers markets, Trader Joe’s and Whole Foods. There are a multitude of salons and gyms and lots of activities and classes for kids. Restaurants and upscale retail abound but there’s also room for Bed, Bath and Beyond, DSW, Staples and CVS.

While there are some “walkable” locations, people who are looking for more of a city lifestyle may not find the Main Line to be a good fit. Ardmore, Narberth, Bryn Mawr, Wayne and Media (just south of the Main Line) each have some kind of town center, but most are centered around Lancaster Avenue, which is a four-lane road. The area is not at all suburban in the way that many areas with lots of development housing is. There is much more of a historic feel to the properties and the streets, with mature trees and none of that “new construction” feel. So, while it’s not that kind of suburban, the Main Line is mostly a car culture.

Schools

Many relocators to the Philadelphia area know before they start their home search that they don’t want to live in the city. They want a yard, easy parking, a single family home, more of a neighborhood feel. So those people are already considering the Main Line. For those who might not be decided on the suburbs, sometimes they are swayed by the very highly-rated school districts. Lower Merion, Radnor and Tredyffrin-Easttown (T-E) are, along with several others, ranked among the highest in the state. The Main Line also boasts some of the best private schools in the country and there are schools for different special needs or focuses.

Main Line Neighborhood Guide

So, if you think that the Main Line might be worth exploring as a place to live, you’ll want more specific information about each town. Please click here for my Guide to Main Line Neighborhoods. You can also click the “relocation”, “towns” or “schools” links on the home page of my website for more information. If you’d like to receive my complete Main Line Moving Manual, which includes the neighborhood guide as well as Home Buying 101 (explaining the local process, step-by-step) and lots of other important information, just send me an email and I’ll send it right out to you. It’s free!

If you are relocating to the Philadelphia/Main Line area, please go to my blog page and search for posts using the relocation tag. Contact me to discuss your Philadelphia area relocation! jen@jenniferlebow.com/610 308-5973

 

The true cost of a house: cash vs. mortgage

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Philadelphia Main Line relocation
The cost of buying a house can be very different, depending on the scenario. Mortgaged money has a different “cost” than cash.

What is the true cost of a house?

If you are in the market for a new home, be sure you understand the true cost of any house you’re considering. Of course, you need to factor in maintenance, taxes, utilities and similar expenses. However, the focus of this article is to explain the difference in mortgaged money versus cash. In order to clarify the true cost of a house, an example will help.

When is a $500,000 house not a $500,000 house?

When you’re considering a mortgage vs. cash. Let’s assume your plan is to purchase with 20% down and your lender has pre-approved you for a house priced at up to $500,000. Then, your agent sends you a house that needs updating, but would be worth $500,000 if the work were done. That second house is only priced at $400,000, but needs $100,000 worth of work. To the casual observer, the cost of these two houses is the same.

Upon a closer look, though, the financial obligation is quite different. Let’s assume the monthly payment on the $500,000 house is $2,434 (assuming an 80% loan). Using these same rates, the monthly payment on a $400,000 house would be $1,960. So it’s a savings of $474 per month, or about $5,688 per year.

Now, consider where that $100,000 in cash to remodel the $400,000 property will come from. If you have it handy, then you might consider spending it on the upgrades. (Note: you almost never see more than about 70% return on investment from remodels unless you’re a contractor who pays no mark-up.) If you don’t have that much sitting around, be aware that your mortgage payment savings are under $6,000 a year. It would take many years of saving up to be able to generate the required cash from that source alone.

Cost of a house: understand the specifics

I hope that now you can see how two houses that will cost $500,000, total, may not both be affordable, depending on your circumstances. Understanding what the word “cost” means in different scenarios is vital to not making an expensive mistake. Please contact me for more information or to discuss your options.

 

Quarantine-inspired tips for marketing your home

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Marketing your house with a quarantine mind set
Consider marketing your home with a focus on buyers with a quarantine mindset.

We all know that the effects of quarantining have dictated changes in home buyers’ criteria. With more people working remotely, possibly indefinitely, home office space has become a very important feature. Especially if there are children involved, outdoor space also has jumped to the top of the list. Even without kids, many prospective buyers envision entertaining more at home, particularly outside. And with several family members more likely to be home together more frequently, interior elbow room is increasingly in demand. This desire for more space is also conducive to more at-home entertaining inside, particularly when it’s not practical to do it outside.

Location

So how can you market your home in the best “quarantine” light? Draw attention to the features of the house, property and location that are likely to appeal to people in a quarantine mindset. Let’s start with location. Since many people are now free to live somewhere other than within commuting distance to a job location, lots of them are reevaluating where they want to live. Obviously, you can’t know where their friends and families are, but (if you live on Philadelphia’s Main Line, for example) you can appeal to them with characteristics like: being close to a major airport, being near a large city, but in the suburbs where parking is easy and the crime rate is low, offering a highly-rated school district, having access to beach and mountains in under two hours, etc. Be sure that the on line write up and marketing materials showcase these features. )I have my seller write up a short “What I’ve loved about living here” sheet that I upload to the MLS as well as leave copies of in the house. The list should mention location, neighborhood and property points of interest.)

Neighborhood

Anyone who’s read my posts knows that I put a lot of emphasis on the neighborhood a house is in. Neighborhood can set the tone (think “a quiet, leafy-treed street with wide streets and very little traffic, an active book club and babysitting-share group”). It also speaks to what kind of amenities and services are nearby. Farmer’s market? shopping? good restaurants? train station? near the school? Some or all of those features may affect the appeal of your home to a buyer. If a quarantine-minded buyer is trying to decide where to move, the more positive attributes you can offer, the more likely that buyer is to consider your home.

Property

Often, the property is not given much attention. However, especially if a buyer is looking through a quarantine lens, the need for outdoor space tends to become important. Many people are simply looking for space for the kids to run around in. Others are seriously considering a pool as summer camp may no longer be an option, so if your lot can accommodate one, mention it. Still others are envisioning a big deck or patio and maybe an outdoor kitchen for hosting sophisticated but easy gatherings. While some buyers are looking for privacy, others may want a smaller lot that encourages neighbors to know each other (remember, many of these buyers may be transplants to the area and are concerned about meeting people).

A note here: landscaping and making the most of your outdoor space has never been more important! Look at it with a critical eye and consult your agent about what improvements make sense. Remember, it costs money to make money…..Shabby pool furniture or broken mortar between the patio stones won’t do you any favors.

House

The number one change in requirements among buyers in post-COVID house hunting is the need for a work space. While some may ask for a traditional office, others are more flexible and would consider using a bedroom, space in a finished basement or a large upstairs landing. Take a look at your house and ask yourself if there’s an easily-finishable attic space or area above the garage you could market as a potential office space. Is there room for one of those pre-fab sheds that have electricity? (See what I’m talking about here.) If so, suggest it in the marketing materials.

An inexpensive and effective way to demonstrate how unfinished basements/attics spaces could be used is to have pictures of them virtually staged. In my listings, I then have these virtually staged photographs printed in large format, mounted on foam core and displayed on easels in the corresponding areas of the home. This way, when a prospective buyer is in the space, he or she can see the picture of what that room could look like.

Similarly, while it seems like, in most states, kids will be going back to school this fall, some districts are anticipating only a partial on-site experience. That means that the kids will need space to work as well. Larger bedrooms, if you have them, or built in desk areas could be worth mentioning in your marketing.

So while work space has become paramount, let’s not forget the work-life balance! People need time and space to relax, and, depending on the family, to entertain. If your house has a good flow for parties, or an extra unexpected space, like a den or family room, be sure to emphasize it. A playroom or finished basement is in high demand! Similarly, remember that many people need guest space (particularly if they are moving away from friends and family who may come to visit), so if that basement has a full bathroom in it, shout it to the rooftops!

Intelligent Marketing

Good marketing requires analyzing your target audience.  Determine what features attract your target buyers and what “pain” they have. Then your agent can tailor the marketing of your house to address those needs and pain points. Think about the changes COVID has brought as far as what home buyers are looking for. Then play up what your house, property and location offers them.

10 most unexpected surprises of Philadelphia

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Philadelphia Main Line relocation
Here are 10 things you probably didn’t know and might not expect about Philadelphia.

Philadelphia may surprise you.

Whether you are visiting or considering relocating to the Philadelphia metro area, you may be surprised by some of the unique features of the region.

1. Philadelphia is a city of neighborhoods.

Within the city limits, Rittenhouse Square, South Philly, Mt. Airy, Chestnut Hill, Manayunk, Fairmount, Washington Square, Society Hill and Northern Liberties all have distinctly different feels. To read about the different areas, click here. For a more information on the neighborhoods, Wikipedia provides a good list. If you are interested in living in the city itself, you may be pleased to find out that it’s considered one of the most walkable cities.

2. Philadelphia is a city of “firsts” and “oldests”.

As one of the oldest cities in the country, Philadelphia’s history is one of the richest. This list mentions some of the “firsts” and “oldests” records held here. Looking for some interesting trivia about the city? There’s plenty, including the oldest brewery (Yeungling) and the first library.

3. Philadelphia is a haven for health care.

Philadelphia is home to the oldest medical school in the country as well as one of the most interesting, if macabre, museums of medical oddities. That theme is reiterated in the robust health care industry of the area. There are so many medical schools and hospitals in this city, one out of every six doctors in the country has trained in Philadelphia. So if good health care is an important consideration for you, Philadelphia is hard to beat.

4. Philadelphia is a foodie’s dream.

Sure, there are some great restaurants here. There are also, though, some signature local foods that any self-respecting resident should know about. The cheesesteak, of course, is probably the most well-known. Then there are hoagies, which are know as subs elsewhere. Scrapple, a sort of sausage, is a favorite and soft pretzels, introduced by the Pennsylvania Dutch are ubiquitous. Water ice is also on the list.

Beyond the foods themselves, there are a couple of places that food-lovers will want to visit. One is the Italian Market, the largest and oldest outdoor food market in the U.S. The second is Reading Terminal Market which was originally the train station for the Reading Railroad (think Monopoly). Begun in 1853, it is a wonderful place to try all kinds of food. It is the oldest continually operation farmer’s market in the country. Read more about it’s history here.

5. Philadelphia is the B.Y.O.B. capital of the country.

If you like dining out, but don’t love always paying a lot for wine during dinner, Philadelphia will delight you. Spurred by expensive and difficult-to-acquire liquor licenses, restaurateurs in the Philadelphia metro area took matters into their own hands. With more B.Y.O.B.s than you can shake a wine bottle at, they come in all neighborhoods and cuisines. For a guide, click here and here.

6. Philadelphia’s art scene is a marvel.

With Alexander Calder sculptures lining the Ben Franklin Parkway and an incredible number of museums, Philadelphia’s art scene is impressive. As the epicenter for mural arts, the city has the largest amount of public art you’ll find in the country. The Pennsylvania Academy of Fine Art, found on the Avenue of the Arts in a glorious building designed by famed local architect Frank Furness, is the oldest art school and museum in the nation. Philadelphia is also a hub for impressionism: no other museum outside of Paris has more impressionist paintings.

7. Philadelphia’s Fairmount Park offers a wealth of activities.

Fairmount Park is the largest municipal park system in the nation. With jogging, biking and even horse trails, there are plenty of opportunities for exercise. There are open fields, wooded paths and waterways that are all part of the system. It also includes buildings, like the Japanese Tea House and Horticultural Hall. For more, click here.

8. Philadelphia has the Main Line

The western suburbs of Philadelphia, known collectively as the Main Lin,e is an extremely popular place to live. With easy access to the city, it has some of the top-rated school districts in the state (and even the country) and is home to many beautiful stone homes nestled in long-established neighborhoods with mature trees and lovely surroundings. This area is served by public transportation (the “Main” train line is where the region gets its name) and offers the benefits of suburban living with the advantages of easy access to shopping, dining and Center City.

9. Philadelphia is home to many incredible gardens.

Longwood Gardens is one of the most celebrated gardens in the world. In addition to it’s incredible grounds (which are enormous), their extensive greenhouses can entertain you for hours in the dead of winter when nothing is growing outside. They put on a wildly popular light and fountain show during the winter holidays and they offer special classes and tours, as well. Longwood isn’t Philadelphia’s only garden though. Bartram’s Gardens, was begun by John Bartram in 1728 in an effort to learn about plants from all over. It continues to be an educational destination with wonderful programming. Chanticleer, in Wayne (just outside of the city) is a beloved garden as well with walking paths that meander through natural displays of artful plantings. Then there are Jenkins, Tyler and Morris aboretums as well. Philadelphia has no shortage of gardens! And if you want to venture to Wilmington, Delaware, Winterthur is not to be missed.

10. Philadelphia is close to more than you’d expect.

Are you wondering what there is to do nearby? Beyond the museums and other attractions, there are tons of activities and destinations within just a few hours of the city limits. You can be in NYC in 2 hours or so, “down the shore” (that means the Jersey beaches), in the Poconos for skiing or lake adventures or in Pennsylvania Dutch Country. There are wineries and tubing/kayaking/canoeing options as well. Plenty of hiking choices, too. Here are some suggestions for day trips. Some other recommendations, with a bit of overlap is here. For more local things to do, click here and here.

To learn more about attractions. hotels, dining, etc. in Philadelphia, go to http://visitphilly.com.

If you are relocating to the Philadelphia/Main Line area, please go to my blog page and search for posts using the relocation tag. Contact me to discuss your Philadelphia area relocation! jen@jenniferlebow.com/610 308-5973

Post-COVID housing trends

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Learn how quarantining and working from home during COVID will affect trends in housing.

What housing trends will COVID drive?

While, at time of this writing, states are just starting to reopen and there is still no certainty of a second wave (if or when), housing trends are already emerging. These patterns could be short-lived, as (I hope) the threat of COVID recedes over time, or they could mark a long-lasting shift. While this article is focused on England, the US is experiencing very similar changes. Many buyers have changed their criteria and other, who were not considering a move pre-COVID are now. What factors are they considering?

The ability to work from home

Some employers who have been forced to allow employees to work remotely might not continue to do so once they are legally permitted to open their offices. However, most experts (and employees!) expect an increase in the number of people who work from home, either part- or full-time. As a result, people who live in a particular place because of commuting requirements may now find geography no longer a limiting factor.

What are the new criteria?

Lower cost

If a job has required living in a major city, it’s likely that the housing dollar doesn’t go all that far. If working from home but living elsewhere would be more affordable, a move might make sense.

Location

Aside from lower housing costs, location might be important. Some remote workers may want to move closer to family or to an area that better matches their lifestyle choices (like Colorado for ski-lovers, for example). Weather may be a factor as well.

Population Density

The biggest lesson COVID has taught us is that physical distance from other people might be imperative for our health. Not surprisingly, the trend in on-line buyer home searches is toward smaller towns (a trend that was already on the rise pre-virus). Another side effect of COVID in cities like New York is a reduction in appeal. Many of the features that have drawn people to live there–theater, museums, tightly packed retail, restaurant and even sidewalk spaces, public transportation–will be harder to use and enjoy due to new health rules.

Home and property features

As a result of having sheltered (and worked) in place for several weeks, certain “must haves” have found there way onto buyer’s priority lists. The most common include a home office or other flexible space, guest room and outdoor space. Buyer demand for bigger kitchens and home gyms (or the space for one) have also surged.

Shift in how homes are used

With more people using their homes as their offices, a space to work in will certainly become a priority for many. When considering what to look for in a home, more space is also a trend that is expected to continue. When everyone in the family is home at the same time, more elbow room for different activities is a major advantage. Guest space to house either short-term or longer term visitors is also on buyers’ lists. The location of the house, the property surrounding it and the layout, square footage and flexibility of space are receiving a lot of scrutiny in the wake of COVID. The lower cost of certain areas may heavily influence buyers’ choices if they can work from home. Furthermore, quarantining has reinforced the concept of home as a safe haven, not just a utilitarian place to house sleeping and eating quarters for a family. As a result, some of the less tangible aspects of houses (how they “feel”) may receive more attention in the home buying process. For more on how the corona virus may impact the housing market, click here.

If you are relocating to the Philadelphia/Main Line area, please go to my blog page and search for posts using the relocation tag. Contact me to discuss your Philadelphia area relocation! jen@jenniferlebow.com/610 308-5973

Curb appeal is critical when selling your house

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The importance of curb appeal when selling
When you are preparing to sell your house, don’t overlook the value of strong curb appeal.

Don’t overlook the curb appeal of your house

While it’s true that we spend much more time inside of our houses than pulling up to the curbs on the outside, people still put a lot of stock in how the exterior looks. If you are selling your house, you want it to be inviting, from the very first impression–when the buyer first sees it from the street. So if you are putting your house on the market, do yourself a favor and go stand at the curb and take a critical look.

What to consider when assessing curb appeal

So what matters to prospective buyers? The lawn and landscaping, to be sure. Your property should be neat and tidy, even if it only has grass. Keep it mow, if it’s late spring-early fall. If there are perennial plantings, make sure they are trimmed and not overgrown. Trees should be devoid of dead branches and should not overhang the roof. If it’s late fall, be sure to rake or blow the leaves and don’t overlook the gutters, which can easily become clogged with leaves and other debris.

What about the driveway? Is it in reasonably good condition? And the mailbox? Of course it’s silly–a new buyer could easily replace a dented or rusty mailbox and no, that mailbox may in no way mirror the condition of the house. However, first impressions are first impressions and a prospective buyer might make assumptions, even unconsciously, so don’t provide opportunities for negative opinions to form when there are simple, inexpensive remedies.

Wash the windows. This task has value once people are inside the house as well. Consider what is visible through the windows from the exterior and make any changes that might be indicated. Does your front door need to be painted? Does the spring work on the storm door? (You’d be surprised how often broken door springs turn off buyers.) Check the facade and look for any damage. If you have siding, make sure it’s all firmly attached and well-painted. Are the shutters hanging crookedly off the house? Brick or stone work should be examined for any pointing concerns. Same goes for the chimney. Gutters and downspouts should be clean and well-attached.

Don’t underestimate the value of curb appeal

Remember, the exterior is the first and last impression a prospective buyer has of your house. While the interior space and layout may be more important in the long run, we often form opinions on “looks”. When a buyer is pleased with the facade and the front yard, it creates an initial positive feeling about the property. People want their homes to feel inviting. An attractive, well-maintained facade and property contribute to that feeling. So when you are preparing to list your house for sale, don’t overlook the importance of good curb appeal.

Should you list your house during COVID?

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Should you try to sell your home during the pandemic?
If you are thinking about listing your property for sale during COVID, there are a lot of factors to consider.

Considering selling your house during COVID?

Spring is normally the busiest time in most real estate markets. More people are listing and shopping for properties than at any other time of year. This year, the spring market came to almost a grinding halt as a result of COVID. Now that it’s mid-May, many sellers are wondering whether they should list. There are a lot of factors to take into account and there are plenty of difficult-to-predict scenarios.

COVID-related factors to think about

Health and safety

First and foremost, there is the health and safety issue. Yours and your family’s, as well as the buyers’. How about your agent and theirs? And the larger general public? We all know that the more interactions we have, the more we are out and about, the greater the number of cases of COVID we have.

Supply and demand

Supply and demand is always something to consider when you are selling a house. The old “is it a buyer’s or seller’s market” question is omnipresent. At this particular time, though, the virus is adding another layer to the complexity of showing properties, which affects the buyer pool. Many buyers do not want to tour properties for fear of exposure to COVID.  So there are fewer buyers actively looking right now. (Interestingly, houses have actually been selling to buyers who have NOT visited them in person, but have bought them based on photographs, video, interactive floor plan and 3-D modeling tools. That said, most people would not buy without walking through a house first.)

So there are fewer buyers out there, to be sure. However, there are also fewer properties available for sale right now. Many sellers share the same concerns about exposure, so they are not listing because they don’t feel comfortable having people coming into their homes. There are also sellers that, even if they would allow in-person showings, figure that many buyers have put searches on hold right now, due to infections worries as well as job-related/financial concerns.

Clearly, assessing the supply and demand landscape during COVID is complicated.

Financial uncertainty

With job losses or a reduction of hours, many would-be buyers are too unsure of their economic futures to pursue a purchase at this time. Buyers, though, aren’t the only ones in this equation with murky financial outlooks. What about sellers? Some might feel it’s wise to sell now as they may be forced to downsize in connection with reduced income. Others may decide to take a “wait and see” approach. Then there is the market itself. Will prices rise as pent up demand creates multiple bid situations? Or, with any kind of recession and increased unemployment, will the market soften, causing home values to drop? There are plenty of “industry experts” making predictions, but no one actually knows what the market is going to do in the next several months.

So how should you decide whether to list now?

Define your target buyer.

What kind of demographics best describe the most likely candidate for your property? Then ask yourself if anyone in that group may be under a time constraint to buy now. For example, people who want to be in a new home before the start of the school year (so the kids don’t have to switch mid-year) may be beating the bushes looking for family houses in neighborhoods. People who have sold their homes and will be settling soon (or have recently) are among the most active buyers at the moment. Finally, people experiencing life changes (divorce, new baby, job change, etc.) may not have as much latitude as far as being able to wait to find a house. So try to get a sense of how likely your target buyer may be needing to make a move sooner rather than later.

Examine your competition.

Part of understanding supply and demand requires you to understand how your property compares to others for sale. If your home is very similar to others on the market (in price range, location, condition and style), you will have a harder time selling…..UNLESS lots of buyers are looking for that type of home. By the same logic, if your house is unusual in a “good” way (everybody wants it and properties like it rarely come up) vs. in a “bad” way, (people find it odd or unappealing) you will have more buyers interested. If you do decide to list, be sure your agent’s marketing focuses on its most popular features and any unique/special characteristics that are in demand yet hard to find.

What incentives can you offer a buyer?

Since there are fewer buyers looking for homes right now, you may need to get creative as far as attracting them. Can you offer any particularly appealing benefits? Consider covering a year of HOA fees or offering extra time for inspections or paying for a cleaning service after you settle. Property maintenance is popular too–lawn mowing/leaf collection for a year might be appreciated. Could you provide any flexibility around the settlement date, if that helps the buyer?

COVID is responsible for unprecedented change and uncertainty. Trying to navigate selling your home during this pandemic is challenging, at the very least. There are no clear answers to questions about listing in this current environment, but some level of analysis still possible and worthwhile. Think about health and safety, how appealing your home will be to the smaller buying pool that is currently active, what your competition looks like as far as supply and demand and your own financial position to make the best decision you can.

How to lower your home buying budget

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Philadelphia Main Line relocation
If recent events have made you decide to reduce your home buying budget, here are some suggestions.

Lowering your home buying budget

Recently, we’ve seen crazy swings in the stock market and many people have job concerns as a result of corona virus fallout. That said, people still need to or want to buy homes. What should you do if you are still interested in purchasing, but have decided to lower the price point? There are several specific criteria which you can consider to reduce the cost of a property.

School district

In the Philadelphia/Main Line area, school district greatly affects price. In reality, “lowering your sights” in this particular category may be one of the best options in reducing cost without sacrificing much value. Here’s what I mean: while several of the Main Line school districts are among the top in the state, many of the surrounding ones are still in the top 10-15% and very competitive. From a hyper-local perspective, the “very best” districts command higher prices for housing than the next tier down, the difference from a slightly greater distance is minimal and your child will still receive an excellent education. For more on Philadelphia area school district options, click here. For important information on how rankings are figured, click here. To understand how you can know which school district a given property is in, click here (this is not as clear cut as you might think!).

Size

Lots of people have a minimum number of square feet in mind when shopping for a house. You may need to reduce that figure if you are looking in a lower price point. That said, some creativity in how you use the space that’s there can help! Basements are usually not included in square footage figures–might finishing a basement provide enough space? The same goes for attics. If your goal was to buy a place with room to grow, might converting the garage to a family room down the road be a viable option? How about flex spaces? Sometimes a home office with a pull out sofabed can double as a guest room or a hall nook can serve the office need.

The other size requirement often centers around property size. It’s terrific to have enough property for a pool, if that appeals to you, or just for the kids and the dog to have a great play area. Does that mean a slightly smaller lot would prevent them from enjoying the home’s outdoor space? Probably not. If privacy from neighbors contributed to your original lot size decision, might a fence or row of shrubs mitigate the closeness of adjacent properties?

Amenities

Do you really have to have a garage? Maybe you could live with a one-car instead of a two-car? Sure, while you’d much rather have air conditioning than not, could you manage to live with window units for a few years until you’ve saved enough to install central air? If you’d put a finished basement on your list of must-haves, might you be able to wait and finish it later or use it unfinished for a while? Finally, especially in the Philadelphia suburbs, the updatedness of a property has a huge affect on its price. If you can live with a somewhat dated kitchen and maybe older bathrooms for a while, you can save a lot on a home purchase.

Location

You know what they say: location, location, location. Maybe you need to consider a commute of ten minutes more than you had previously. The commute question may be further affected if you had been planning on taking the train and were looking for a home within a five minute drive. If you are willing to drive to work or even drive furhter to the train, you will have many more options in your budget. Being close to the train (but not hearing it!) drives up price. Maybe you could think about looking in neighborhoods you’d dismissed because the lots were smaller or the on street parking for guests wasn’t as convenient. You might need to rethink walkability to retail and restaurants as well.

Compromises increase as budgets decrease

No matter what you’re buying, when you lower your budget, you increase the compromises you must be prepared to make. There’s no way around it. Some creativity and revisiting what you’ve previously identified as “must haves” can make it less painful and feel like you’re giving up less. You might be surprised–sometimes a certain feature you thought you couldn’t live without ends up not mattering very much at all.

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