Will This Economic Crisis Have a V, U, or L-Shaped Recovery?Many American businesses have been put on hold as the country deals with the worst pandemic in over one hundred years. As the states are
Know What You Want Vs What You Need
In this day and age of being able to shop for anything anywhere, it is very important to know what you’re looking for when you start your home search.
If you’ve been thinking about buying a home of your own for some time now, you’ve probably come up with a list of things that you’d LOVE to have in your new home. Many new homebuyers fantasize about the amenities that they see on television or Pinterest, and start looking at the countless homes listed for sale with rose-colored glasses.
Do you really need that farmhouse sink in the kitchen in order to be happy with your home choice? Would a two-car garage be a convenience or a necessity? Could the man cave of your dreams be a future renovation project instead of a deal breaker now?
The first step in your home buying process should be pre-approval for your mortgage. This allows you to know your budget before you fall in love with a home that is way outside of it.
The next step is to list all the features of a home you would like and qualify them as follows:
• Must-Haves – if this property does not have these items, then it shouldn’t even be considered. (ex: distance from work or family, number of bedrooms/bathrooms)
• Should-Haves – if the property hits all of the 'must-haves' and some of the 'should-haves,' it stays in contention, but does not need to have all of these features.
• Absolute-Wish List – if we find a property in our budget that has all of the ‘must-haves,’ most of the ‘should-haves,’ and ANY of these, it’s the winner!
Bottom Line Having this list fleshed out before starting your search will save you time and frustration, while also letting your agent know what features are most important to you before beginning to show you houses in your desired area.
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