You should be strategic when purchasing a home, especially given the difficulties with affordability we currently face. How much it costs to borrow money for a home loan is influenced by mortgage rates. Additionally, some homebuyers are carefully reviewing their wish list and reassessing what features they actually need in their next home in order to avoid overextending in order to help offset the higher borrowing costs today. According to a recent NerdWallet article:
“A pool, for example, may be nice to have, but it may not provide as much day-to-day value as a garage or a space for a home office . . .”
Despite how appealing that pool may be, ask yourself if you really need it in your next house in order to be content. Getting that pool probably isn’t the main reason you’re moving. Your desire to change is probably driven by a need for more space, a home office, or proximity to family, friends, or your place of employment.
Consider what will be truly important to you in your next home if you’re looking to buy one. Make a list of all the features you want to see, and then work to categorize those features. Here’s an excellent list organization method:
- Must-Haves – Without these features, a home won’t suit your needs or your way of life (for instance, its proximity to your place of employment or close family members, the number of bedrooms and bathrooms, etc.).
- Features that are nice-to-haves but that you could live without. The presence of nice-to-haves isn’t a deal-breaker, but if you find a house that meets all your requirements as well as some of these (for instance, a second home office, a garage, etc.), it’s a contender.
- Dream state: This is the mental space where you have the most creative ideas. Again, you won’t need any of these amenities, but if you find a house in your price range with all the necessities, the majority of the nice-to-haves, and any of these, it’s unquestionably the winner (examples include a pool, numerous walk-in closets, etc.).
Discuss your top priorities with your real estate agent once you’ve organized it in a way that works for you. Always keep in mind what is essential to your way of life and what is more of a nice-to-have than a necessity. With your agent, make sure to go over the relative importance of each feature. They can assist you in furthering the refinement of the list, offer advice on how to best stick to it, and locate a home in your neighborhood that satisfies your top requirements.
Creating a list of the features you absolutely must have in your future home may seem like a simple task, but it’s an essential step in the planning process right now. Let’s talk if you’re ready to locate a residence that meets your requirements.