For New Homebuyer: Balancing Your Wants and Needs

Tuesday, April 5, 2022   /   by Raj Jaggi

For New Homebuyer: Balancing Your Wants and Needs

A couple moving furniture into a house.

Due to the low supply of homes for sale today, finding one that meets all of your criteria can be difficult. However, if you know which amenities are definitely necessary for your new home and which are simply great extras, you can choose one that meets your requirements.

Realtor.com's Chief Economist, Danielle Hale, describes it this way:

“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 putting together your wish list? The first step is to get your mortgage pre-approved. Pre-approval can help you better understand your budget, which will influence how you create your list. After all, you don't want to fall in love with a house that is out of your price range.
Once you have a clear idea of your budget, you can start making a list of all the characteristics you want in a home. Here's a fantastic approach to start thinking about them:
  • Must-Haves – If a home lacks these features, it will be unsuitable for you and your lifestyle (for example, distance from your job or loved ones, number of bedrooms/bathrooms, and so on).
  • Nice-to-Haves — These are features that you'd want to have but don't need. These aren't dealbreakers, but if you locate a home that has all of the must-haves as well as any of these, it's a candidate (examples: a second home office, garage, etc.).
  • Dream State — This is the state where you can really think big. Again, these aren't necessities, but if you can find a home in your price range that includes all of the essentials, the majority of the nice-to-haves, and any of these, it's a clear winner (examples: farmhouse sink, multiple walk-in closets, etc.).
Finally, once you've made your list and organized it in a way that makes sense to you, talk to your real estate advisor about it. They'll be able to assist you to fine-tune your list, train you on how to stay to it, and locate a property in your neighborhood that fulfills your requirements.
Conclusion

Although creating a home search checklist may appear to be a minor chore, it can save you time and money. It's also one of the keys to thriving in today's highly competitive economy. Make contact with a real estate agent so that you may work together to find a home that meets your requirements.

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