Boston condo buyers understand the difference between your wants and needs
Boston Condos for Sale and Apartments for Rent
Boston condo buyers understand the difference between your wants and needs
When it comes to buying a home, especially with today’s affordability challenges, you’ll want to be strategic. Mortgage rates impact how much it costs to borrow money for your home loan. And, to help offset the higher borrowing costs today, some homebuyers are taking a close look at their wish list and re-evaluating what features they really need in their next home to avoid overextending. As a recent NerdWallet article says:
“A pool, for example, may be nice to have, but it may not provide as much day-to-day value as a garage or a space for a home office . . .”
While that pool may be appealing, think twice on whether or not it’s really something you must have to be happy in your next home. Is getting that pool the main reason you’re moving? Probably not. It’s more likely a need for more space, a home office, or proximity to loved ones, friends, or work that’s motivating you to make a change.
So, if you’re looking to buy a home, take some time to consider what’s truly essential for you in your next house. Make a list of all the features you’ll want to see, and from there, work to break those features into categories. Here’s a great way to organize your list:
- Must-Haves – If a house doesn’t have these features, it won’t work for you and your lifestyle (examples: distance from work or loved ones, number of bedrooms/bathrooms, etc.).
- Nice-To-Haves – These are features you’d love to have but can live without. Nice-to-haves aren’t dealbreakers, but if you find a home that hits all the must-haves and some of these, it’s a contender (examples: a second home office, a garage, etc.).
- Dream State – This is where you can really think big. Again, these aren’t features you’ll need, but if you find a home in your budget that has all the must-haves, most of the nice-to-haves, and any of these, it’s a clear winner (examples: a pool, multiple walk-in closets, etc.).
Once you’ve categorized it in a way that works for you, discuss your top priorities with your real estate agent. Remember to think carefully about what’s a non-negotiable for your lifestyle and what’s a nice-to-have that’s more of an added bonus. Be sure to discuss where each feature falls with your agent. They’ll be able to help you refine the list further, coach you through the best way to stick to it, and find a home in your area that meets your top needs.
Bottom Line
Putting together your list of necessary features for your next home might seem like a small task, but it’s a crucial planning step on your homebuying journey today. If you’re ready to find a home that fits your needs, let’s connect.
____________________________________________________________________________________________________
Since the number of Boston condos for sale is low today, it can feel challenging to find a Boston condo for sale that checks all your boxes. But if you know which features are absolutely essential in your next home and which ones are just nice bonuses, you can land a Boston home that fits your needs.
Danielle Hale, Chief Economist for realtor.com, explains it like this:
“Focus on the goal you set out for yourself, like your list of must-haves and nice-to-haves and your budget, . . . Stick to that. Be persistent.”
So how do you go about creating your list of desired features? The first step is to get pre-approved for your mortgage. Pre-approval helps you better understand your budget, and that plays an important role in how you’ll craft your list. After all, you don’t want to fall in love with a St. Regis Boston Seaport condo for sale that’s too far out of reach.
Once you have a good grasp of your budget, you can begin to list all the features of a home you would like. Here’s a great way to think about them before you begin:
- Must-Haves – If a downtown Boston condo doesn’t have these features, it won’t work for you and your lifestyle (examples: distance from work or loved ones, number of bedrooms/bathrooms, etc.).
- Nice-To-Haves – These are features that you’d love to have but can live without. Nice-To-Haves aren’t dealbreakers, but if you find a home that hits all the must-haves and some of the these, it’s a contender (examples: a second home office, garage, etc.).
- Dream State– This is where you can really think big. Again, these don’t feature you’ll need, but if you find a home in your budget that has all the must-haves, most of the nice-to-haves, and any of these, it’s a clear winner (examples: farmhouse sink, multiple walk-in closets, etc.).
Finally, once you’ve created your list and categorized it in a way that works for you, discuss it with your Boston real estate broker. They’ll be able to help you refine the list further, coach you through the best way to stick to it, and find a home in your area that meets your needs.
Boston condos for Sale and the Bottom Line
Crafting your home search checklist may seem like a small task, but it can save you time and money. It’s also one of the keys to being successful in today’s competitive market. Let’s connect so we can work together to find a home that fits your wants and needs.
