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Balancing Your Wants and Needs as a Homebuyer Today

Tuesday, April 5, 2022   /   by Laura Larson

Balancing Your Wants and Needs as a Homebuyer Today


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Since the number of homes for sale is very low, it can feel challenging to find one that checks all your boxes. But if you know which features are absolutely essential in your next home and which ones are just nice bonuses, you can land a home that fits your needs.
 
Danielle Hale, Chief Economist for realtor.com, explains “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 home 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 home you would like. Here’s a great way to think about them before you begin:
 
Must-Haves – If a house doesn’t have these features, it won’t work for you and your lifestyle (examples: 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 home that hits all the must-haves and some of the desirable extra features, it might be a contender (examples: a second home office, garage, etc.).
Dream State– This is where you can really think big. If you find a home in your budget that has all the must-haves, most of the nice-to-haves, and any dreamy fixture, it looks and sounds like a clear winner (examples: farmhouse 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 home 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. Connect with Laura Larson so you can work together to find a home that fits your wants and needs.
Larson Fine Properties
Laura Larson
7294 Joffa Circle
Warrenton, VA 20187
703-743-4410

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