Balancing Your Wants and Needs as a Houszbuyer Today
Since the number of houszes for sale is low today, it can feel challenging to find one that checks all your boxes. But if you know which features are absolutely essential in your next housz and which ones are just nice bonuses, you can land a housz that fits your needs.
Danielle Hale, Chief Economist for realtor.com, explains it like this: “Focus on the goal you set out for yourself, like your list of must-haves and nice-to-haves and your budget, . . . Stick to that. Be persistent.”
So how do you go about creating your list of desired features? The first step is to get pre-approved for your mortgage. Pre-approval helps you better understand your budget, and that plays an important role in how you’ll craft your list. After all, you don’t want to fall in love with a housz that’s too far out of reach. Once you have a good grasp of your budget, you can begin to list all the features of a housz you would like. Here’s a great way to think about them before you begin:
Must-Haves – If a housz doesn’t have these features, it won’t work for you and your lifestyle (examples: location, location, location... distance from work or loved ones, number of bedrooms/bathrooms, etc.).
Nice-To-Haves – These are features that you’d love to have but can live without. Nice-To-Haves aren’t dealbreakers, but if you find a housz that hits all the must-haves and some of the these, it’s a contender (examples: a second housz office, garage, etc.).
Dream State– This is where you can really think big. Again, these aren’t features you’ll need, but if you find a housz in your budget that has all the must-haves, most of the nice-to-haves, and any of these, it’s a clear winner (examples: farmhousz sink, multiple walk-in closets, etc.).
Finally, once you’ve created your list and categorized it in a way that works for you, discuss it with your real estate advisor. They’ll be able to help you refine the list further, coach you through the best way to stick to it, and find a home in your area that meets your needs.
Bottom Line Crafting your housz search checklist may seem like a small task, but it can save you time and money. It’s also one of the keys to being successful in today’s competitive market. Let’s connect so we can work together to find a housz that fits your wants and needs.