You may need to be strategic when it comes to purchasing a home, especially with today’s affordability challenges. Unless you are paying cash, mortgage rates will impact how much it costs to borrow money for your home. To get a home that is affordable, some homebuyers are taking a close look at their wish list and re-evaluating what features they really need in their next home to avoid overextending. As a recent NerdWallet article says:
“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 . . .”
While that wished-for feature may be appealing, think twice on whether or not it’s really something you must have to be happy in your next home. Is getting that feature the main reason you’re moving? Probably not. It’s more likely a need for more space, a home office, or proximity to family, friends, or work that’s motivating you to make a change.
Take some time to consider what’s truly essential for you in your next house. Make a list of all the features you’ll want to see, and from there, work to break those features into categories. Here’s a great way to organize your list:
- 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 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 these, it’s a contender (examples: a second home office, a 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 home in your budget that has all the must-haves or you can add them later, most of the nice-to-haves, and any of these, it’s a clear winner (examples: a pool, multiple walk-in closets, etc.).
Once you’ve organized your list in a way that works for you, discuss your top priorities with your realtor. Remember to think carefully about what are non-negotiables for your lifestyle and what are nice-to-have that are more of an added bonus. Be sure to discuss where each feature falls with your agent. 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 top needs.
Bottom Line
Putting together your list of necessary features for your next home might seem like a small task, but it’s a crucial planning step on your homebuying journey today. If you’re ready to find your next home, “Let’s Connect & Get You Moving”
The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. or Mary Ann Uhrenholdt, Licensed Salesperson does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. or Mary Ann Uhrenholdt Licensed Salesperson will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.