The end goal of every home purchase is to score the house of your dreams, right? Because purchasing a home will typically be the largest purchase of your life, it is a huge decision to finally utter the words, “that’s the one!” and sign your name on the dotted line. It is important to know what your wants and needs are when it comes to purchasing your next home. Prior to beginning your search, and post-pre-approval, you should come up with a list of dream items that fit into your ideal home criteria. This list helps your realtor focus on the homes that satisfy the wants you have in mind, while also sticking within your set budget.
Imagine the home of your dreams if you didn’t have to worry about a budget. What would that home look like? What would it include? Where would it be located? Ask yourself these questions as you think about your desires in a home. It is important to start at the top of your wants ideal then work backward to really zoom in on what works in your current budget and lifestyle.
Don’t get discouraged if you can’t check off all of the boxes now, you can always save this dream idea and get back to it at a later date to renovate or upgrade your home purchase. As you are envisioning your dream home you will realize that there are things you refuse to sacrifice while also discovering things you are willing to let go of.
Wants vs. Needs
You want it, but do you need it? I am sure you’ve heard this question being asked at one point or another when it comes to any type of purchase, large or small. There is a difference between what you want and what you actually need. When creating a checklist of your criteria split the page down the center and write out what you need, which can include the number of bedrooms and bathrooms, square footage, and location, as well as a list of your wants, like an inground pool or restaurant-style kitchen. Once your list is completed, on both sides, ask yourself how much house you can really afford. You may have to forgo a specific area or an additional bedroom if you don’t need them right now to stick to your budget. Understanding your true needs is key to scoring the home that works best for you and your family.
Also, think about your location. If you’re dead set on the north shore, are you flexible on the town or city? Or do you need to be in Beverly?
When working through your wants versus needs list pay closer attention to things that add value to your home purchase. These items will help you when you sell your home in the future. Such value items can include, hardwood floors, granite countertops, and highly rated school districts. Let go of things that may be valuable to you, but not to the resell of your home. Worry less about minor interior décor and more about what can be done with the home once you move in. Your home value is important, especially if you plan to expand your family or move to a different location in the future.
There are many factors that can affect the decision you make to purchase a home. Understanding your wants and needs when deciding between home options and scoring your dream home is imperative to a successful homebuying journey. You can find a home that fills your heart with joy within your budget as long as you plan out exactly what you want and need. I am here to help you work through your home purchasing list to find a home that fits within your budget and fulfills your needs.
Contact me today, and together, let’s find your perfect home.