Balancing Your Wants and Needs as a Homebuyer

We all know the housing market is unhinged and finding a new home for you and your family may seem far-fetched. However, we may have some knowledge to share that may help you through your home search. Since inventory is so low, it can feel challenging to find the perfect home that happens to check all of your boxes. Knowing which features are essential in your next home will land you the opportunity to find a home fitting all of your needs! Allowing yourself to stick to the list and budget made will save you time and money in the long run. So, what do you need to focus on? 

1. Get pre-approved:
   
   Similar to writing up a list of your “must-haves” for a home, setting a budget is just as important. By getting pre-approved first, you will have an idea of a budget to set for your wants and needs. Budgeting these items will give you a better understanding of your budget, and it carries an important role in how you craft your list. I mean, heartbreak is tough. You do not want to fall in love with a home too far out of your reach. 

2. Crafting your list: 

• Must-Haves: 
  
  These are the items a home must have before purchasing. If this home does not have these items, it will not work for you and your lifestyle (EX: number of bedrooms/bathrooms, distance from your loved ones/work, etc..).

• Nice-to-Haves: 
  
  These are features you would prefer to have in a home, but you can live without them. (EX: home office, garage, etc..). “Nice-to-Haves” are not dealbreakers, but if you find a home hitting all of the “Must-Haves” and some of the “Nice-to-Haves,” it’s a contender! If the home you’re touring carries all of the above, make the jump and put in an offer! 

• Dream State:
  
  It’s time to think BIG! These are not features you need, but if you find a home in your budget having all of the “Must-Haves,” most of the “Nice-to-Haves,” and any of these features, that home is a clear winner! (EX: farmhouse sink, multiple walk-in closets, etc..).

1. Talk to your agent:
   
   Once your list is complete and categorized in the way that works best for you, discuss it with a real estate professional. They will be able to help you refine your list even further, coach you on how to stick to it, and find a home in your area meeting your needs and expectations. 

Overall, creating your home-search list may seem like a daunting task, but it’s easy! By writing up your wants and needs in your next home, you will be able to save yourself time and money! This advice is also one of the keys to being successful in today’s competitive market. If you need help with crafting your needs, give us a call, and we can set you up for success!