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As part of LoCAR's continuing effort to inform the general public of real estate issues, the following article was submitted to the Morning Journal, The Chronicle-Telegram and LorainCounty.com
When you embark on the home-buying process, your heart is filled with all the dreams in the world. It’s really easy to get caught up in the “I have to have ______, so I’ll cut back somewhere else” game, even when you don’t actually know where that somewhere else is or if you can realistically cut back there.
This column will show you how to pare down the excess and make sure to get the things you really NEED.
Make a List of Wants
Start by making a list of everything you want in your house. If you love it, jot it down. Have your spouse or partner do the same thing in a separate document.
Once you and your partner have everything down, start sorting your wants by order of importance. What’s your No. 1? Do you need large windows? How about a sunroom? Double sinks in the master? You get the idea.
Come up with your top 10, then compare your list to your partner’s top 10. What things appear on both lists? Those items should carry more weight because you both want them in your home.
Next, look at your list and consider:
The things that can’t be changed without a massive investment. I’m talking things like square footage, window size, and number of bedrooms. This is your heavyweight list. These things should take priority in your home buying decision. Features that are purely cosmetic, especially things that can be DIYed. These items should be moved way down the list or taken off entirely. Backsplash tile, paint color, and lighting can all be changed inexpensively after you’re living in your house. You don't want to pass up a fantastic house because you can't see past a red accent wall.
At this point, you should have a combined list of 10 or so items.
My last tip is to figure out the priority of each one of the items. Ask yourself, would you be willing to give up item number 4, say, to have item number 5? Would you be willing to give up hardwood floors for a home theater room? This is the hardest question to answer, but it'll put your must-haves in the right order.
I always picture this activity like an eye appointment when the doctor asks, “1 or 2? OK, now 2 or 3?” Do that with your list! Pool or flooring? Flooring or yard size? Yard size or square footage?
Bring Your List When You Look at a Home
As you’re out looking at houses, keep your list handy. Maybe you're not willing to give up hardwood floors for a jetted tub, but would you be willing to compromise for a jetted tub and extra square footage? Refer back to your must-haves list often. It’s easy to get distracted.
Here’s a quick checklist to use when searching for a home. If you answer “yes” to all of these, a “want” may be worth the splurge--that is, if you can be sure you’ll be able to afford the feature (in terms of your monthly mortgage payments and living expenses).
- Is it on both of your lists?
- Is it something that’ll be extremely expensive and difficult to change or add?
- Would you be willing to sacrifice something else to have it?
- Would you feel like your house would be incomplete without it?
Happy house hunting!
If you are thinking about buying or selling a home, contact a REALTOR® today. Members of the Lorain County Association of REALTORS® care about the community in which they live, work and support. Lorain County offers a wide variety of housing choices.
Do your research and take advantage of the many housing opportunities right here in Lorain County. We are fortunate to live in a region with such vast offerings. From big to small, country to city... it's available in Lorain County! Our proximity to highway and freeway access provides great commute options both east and west! Contact your LoCAR REALTOR® member today.
The Lorain County Association of REALTORS® is an industry trade association representing licensed real estate sales agents in Lorain County who are members of the National Association of Realtors® (NAR) and Ohio REALTORS® (OR).
Ohio REALTORS®, with more than 35,000 members, is the largest professional trade association in Ohio. Leading with expertise, professionalism and an entrepreneurial spirit, REALTORS® in Ohio are committed to their clients and communities.
As members of NAR these licensed real estate agents have earned the REALTOR® designation and they pledge to protect the rights of homeownership and conduct their real estate business abiding by the NAR Code of Ethics.
The Lorain County Association of REALTORS® is one of more than 1,200 local boards and associations of REALTORS® nationwide that comprise the National Association of REALTORS®. The National Association of REALTORS®, “The Voice for Real Estate,” is America’s largest trade association, representing more than one million members involved in all aspects of the residential and commercial real estate industries.
REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics. Not all real estate sales agents are REALTORS®. All REALTORS® are members of NAR along with their State and Local Association.
