Needs vs. Wants When Purchasing a Home

One of the most exciting things in life is receiving the go-ahead from a lender to begin your home search, typically it’s in the form of a Pre-Approval Letter. But before you dive head first into finding that dream home, there’s some key things that can prevent a lot of heartache. It’s fairly easy to get caught up in the “I have to have ____ in my home” and then you begin to cut back on items that you’d particularly need.

 

Hyattsville, MD homebuyers this post is to guide you a simple way to cut down on the excess and make sure you get the things you really need.

Make a list of Wants

It may sound simple, but your wants can really bog down your search, write down everything you that you desire and scrub the list. Check to see if there are cosmetic changes you can make on your own. You don’t want to throw away a home because the paint isn’t your favorite color. Be sure that whomever is making a decision to purchase with you have their list as well. Try doing this separately so you can check to see how similar the list is.

Once the lists are made put them in the order of importance; check out your top 10 and determine if your partner’s mirror yours. Even if items aren’t on the top 10, what are some commonalities those items should rise to the top because they’re on both of your list. Compromise on some of the other missing links.

Emphasize the Important Stuff

Big ticket items (the things that cannot be changed without breaking the bank). Items such as adding extra square footage or rooms, those should be a priority in your home selection. Cosmetic items and especially ones that can be done on your own should be put on the bottom of the list or taken completely off. You don’t want to pass up on a home that has practically everything you wanted because it has lime green walls. 

In the back of your mind have a number, or percentage if you will, on what you’re willing to accept. By this I mean, it may not be a good idea to purchase a home with only %50 of what you want, but if you’re getting 75% then you may be able to work with the rest. That extra 25% are probably things that can be changed with little to no effort. I typically tell my clients that if it’s in the location you want, the right price, and only has minor cosmetic work go for it. Just about anything in a home can be changed one room at a time.

 

Hyattsville, MD Homes for sale and Real Estate Service. Sherman Hardy is your local Real Estate Expert for Washington, D.C., and surrounding areas. You now have free access to Washington, DC Ultimate Real Estate Search Engine! I'm ready to provide you with a custom home valuation if you're considering selling your home. Google or call me today and let’s discuss how I can help you. Sherman Hardy 301-659-5004

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