4 Tips to Create a Realistic List of Must-Haves for your New Home
The next first-time home buyer tip in our series is to create a realistic list of must have. Before you start looking at homes, distinguish between your must-haves and your nice-to-haves. This will help you narrow down your search and focus on finding a home that meets your needs and budget. Here’s what you need to know to get started.
1. Review your budget.
We previously discussed the importance of establishing a budget in Tip 1: “5 Factors When Determining your Ideal Budget“. This is the first and most important step on your checklist. You need to have a firm handle on how much you can afford to spend before you start looking at homes. Keep in mind that your monthly mortgage payment will likely be higher than your current rent, so don’t stretch yourself too thin. You should also factor in the cost of property taxes, homeowners insurance, and any HOA fees or other monthly expenses associated with owning a home.
2. Figure out how much space you need.
Do you need a one-bedroom starter home or a five-bedroom house to accommodate a growing family? Make sure to consider things like storage space, the number of bathrooms, and yard size when making this decision. It’s also important to think about future needs; if you’re planning on starting a family soon, for example, you’ll want to make sure there’s room to grow. However, also be mindful of what is needed right now. Consider how long you plan to remain in the home. Is this your final home or a stepping stone to your future dream house?
3. Decide on the must-have amenities.
What features are essential to you? A dishwasher? An in-unit washer and dryer? A pool? Is a location close to public transportation important? Once you’ve identified your must-haves, you can start narrowing down your choices. This is where the difference between must-have and nice-to-have comes in. Think about the actual purpose of the item. For example: If you have four bedrooms as a must-have to accommodate office space, could you consider other options? If the home has a loft or a formal dining area, would that still work for office space for you and your family? Review your list of must-haves with your Real Estate agent and discuss if those must-haves fit into your budget.
4. Consider your commute.
Location, Location, Location, is still very important when purchasing a home. If you’re buying a home in an area that’s further away from work than where you currently live, figure out how long it will take you to get there during rush hour traffic. Also, think about whether you’re comfortable with making that commute every day or if it would be preferable to find a place closer to work.
Making a checklist of must-haves is an important part of the home-buying process. By taking the time upfront to figure out what’s most important to you, you can save yourself a lot of time and energy later on. Keep these tips in mind as you start shopping for your new home and remember: there’s no such thing as being too picky when it comes to finding the perfect place for YOU! Though this blog only scratched the surface, we hope this was informative nonetheless! Thereâ€™s plenty more where this came fromâ€”for more real estate advice be sure to follow our blog or contact us today!
Check out this video for 10 Important Factors to Consider to Find the Perfect House for You.
If you have any questions or would like more information, please contact me at [email protected]. I would be happy to help you with all your real estate needs.
Thank you for reading! I hope this was helpful.
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