Balancing Your Wants and Needs as a Homebuyer

If you are considering purchasing a home, your search will be impacted by the present housing crisis. Due to low inventory, buyers who prioritize needs over wants could have a better chance of finding a property!

What is your first step? Obtain a mortgage pre-approval. Think of a pre-approval as your wallet when looking for a home. You can’t go shopping without your wallet! Same thing when it comes to an approval letter. You need to have this in hand in order to write offers and, sometimes, even just to view a property. In addition, having a pre-approval gives you a clear idea of how much you can afford, which is crucial when compiling your list of wants and needs. You wouldn’t want to fall in love with a house before you know if it is in a price range that you are comfortable with! Once you’re approved, the lender will go over different scenarios with you so you know what your monthly payment will look like and how much money you need for closing costs! This will help you determine your overall purchase price which will affect your home criteria.

Here's are some things to consider before you start your list:

• Must-Haves: Without these qualities, a home won't suit your needs, or your way of life.

• Nice-To-Haves: Features that are nice-to-have, but that you could live without. Nice-to-haves don't necessarily rule out a home! However, if you locate one that meets all your requirements, as well as some of these qualities, it's a contender.

• Dream State: The dream state is where you have your most creative ideas/house goals. Again, these aren't features you'll require, but if you can find a house that has every essential feature and the majority of the luxuries all within your price range, it's a winner! 

After you have made your list and organized it in a way that suits you, talk to your real estate agent about it. They will be able to assist you in narrowing down the list, offer advice on how to adhere to it, and locate a house in your desired location that satisfies your requirements!