When you begin searching for the perfect new home, it is natural to have big dreams and a long list of items that you want to include. However, you must put some careful thought into your wishlist to prevent yourself from breaking your budget and overspending.
A smart way to approach the situation is to make a list of all of your must-haves and would-be-nice items. Include all the essential expenses such as Home Insurance. Once you have your list written out, talk to your partner to narrow down the choices in a way that makes sense.
Write Out Your List
The first step is to create a list of everything you would like to have in your new home. Include both necessities and the extras that would be nice to have. Some examples are the size of the kitchen, the number of bedrooms, and the type of flooring.
After you make a complete list, go through your items and prioritize them in order of what is most important to you. Which ones can’t you live without? Which ones are small, cosmetic features that you can change later on? Choose your top ten.
Compare With Your Partner
After you choose which items you desire the most, compare your list with your partners. This is a great way to focus on those save vs splurge items. If there are features that made the top ten on both of your lists, prioritize these items in your home search.
Discuss the rest to discover where you are both willing to compromise. Are there certain features that will make your home feel lacking if they aren’t included? Be honest and open.
Identify High Importance Items and Prioritize
One of the best new homeowner tips is to carefully go through your list with your partner and categorize what you have both written down. You can divide items by those that would take a big investment to change, such as the home’s square footage, with cosmetic features like paint color that you can easily adjust later. Looking at your list in this way will help you identify what you should focus on now, and what can wait.
Refer to Your Master List While House Hunting
Take your combined list of must-haves along with you when you look at potential homes. Refer to your list often to avoid getting attached to any extravagances that you don’t necessarily need.
Part of a successful transition into your new home is to stay within your price range. Homeownership comes with responsibilities to afford the basics like taxes, home insurance, and maintenance. These must be taken care of before you begin adding in the extras.
It’s easy to get caught up in the moment and overlook the cost of those extra features. Creating a strategy like making yourself a list and sticking to it will help you stay on track with remembering what is most important during your home search.
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