Homebuyers today face a number of affordability challenges, including rising mortgage rates. To offset these higher costs, some buyers are taking a strategic approach to their home search. They are carefully considering their needs and wants, and making sure their wish list is realistic. This means re-evaluating what features are truly essential, and willing to compromise on some things. By being strategic, buyers can find a home that they love without overextending themselves financially.
Although a pool may be appealing, think twice on whether or not it’s really something you must have to be happy in your next home. After all, you’re probably not moving just to get a pool. It’s more likely that you’re looking for more/less space, a home office, proximity to loved ones, friends, or work.
So, if you’re buying a home, take some time to think about what’s really important to you. Make a list of all the features you’ll want to see, and then break them down into categories. Here’s a great way to organize your list:
Must-haves: These are the features that are absolutely essential for you. For example, if you have a family, you might need a certain number of bedrooms and bathrooms. Or, maybe you love to cook and having a nice kitchen is essential. If you work from home, you’ll need a dedicated home office space. Your house must check all of your must-haves to be a top contender.
Nice-to-haves: These are the features that would be great to have, but you could live without them. For example, a pool, a hot tub, or a finished basement would be nice, but they’re not essential. Your home should include multiple nice to haves, but is not the end of the world if it doesn’t include all of them.
Dream-features: These features are ideal. A house with one or a few of your dream features, paired alongside all your must-haves and most of your nice-to-haves is a clear cut winner. These features alone likely do not determine your decision, but help you with deciding between other homes that include the same must and nice-to-haves. These features are what separate the ‘I like it’ to the ‘I love it’.
Once you’ve categorized your list of home features in a way that works for you, discuss your top priorities with your real estate agent. It is important to think carefully about what features are non-negotiable for your lifestyle and what features are nice-to-haves that are more of an added bonus. By discussing with an agent, they can find a home tailored to your needs. At the Michelle Thomas Team, we are passionate about finding you the perfect house for the best possible price.