Since the number of homes on the market today is lower than normal, it can be hard to find the perfect fit. Balancing your wants and needs as a homebuyer is very important when starting your home search. If you know which factors are essential for your next home and which are just nice bonuses, you can find your dream space. Our team at Corken + Company wants to help you in this important search!So how do you go about creating your list of wants vs. needs? First and foremost, you need to get pre-approved for your mortgage. Getting pre-approved helps you better understand your budget. Your budget will play an important role in how you 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 idea 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 your must-have features, it won’t work for you and your lifestyle. Some examples of must-haves for homebuyers are the distance from work or loved ones and the number of bedrooms and bathrooms.
Nice-To-Haves:
Nice-to-haves are features that you’d love to have but can afford to live without. In today’s market, there is a good chance that you will have to compromise on some of these more desired amenities. While nice-to-haves aren’t deal-breakers, if you find a home that hits all the must-haves and some of these, it’s a contender.
Dream State:
The dream state is where you can think big. These aren’t features you’ll need, but if you find a home in your budget with all your must-haves, most of your nice-to-haves, and any of these, it’s a clear winner.
Finally, once you’ve created your list, discuss it with your real estate partner. 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.
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