Since the number of homes for sale is low today, finding one that checks all your boxes can make it challenging. But if you know which features are essential in your next home and which ones are just excellent bonuses, you can land a home that fits your needs.
Danielle Hale, Chief Economist for realtor.com, explains it like this:
“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 a vital 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 start:
- Must-Haves – If a house doesn’t have these features, it won’t work for you and your lifestyle (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 them, it’s a contender (examples: a second home office, garage, etc.).
- Dream State– This is where you can think big. Again, these don’t feature you’ll need, but if you find a home in your budget with all the must-haves, most 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 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.
Crafting your home search checklist may seem like a small task, but it can save time and money. It’s also one of the keys to success in today’s competitive market. Let’s connect so we can work together to find a home that fits your wants and needs.