How to Prioritize What You Want When Shopping for a New Home

When it’s a seller’s market with a low inventory of homes in many areas of the country, it makes it even more of a challenge to find a new home. Savvy buyers understand they may not be able to find the home of their dreams in their price range that checks every single box and they know to prioritize needs vs. wants. Your own priorities probably depend on lots of factors including where you live and whether this is your first home or your last. Regardless of where you are, here are the tips you need to figure out what you actually need in a new home, and what you might be able to do without:

      “Needs” in a New Home

• Location, Location, Location

  Where you choose to live is often one of your nonnegotiable factors. But just because you want to stay in your home state doesn’t mean you need to stay in your hometown. Same goes for the neighborhood, street, and spot on the block.

• Size of Your Home

  If it’s just you and your spouse, bigger is not necessarily better. But if you have kids or elderly parents living with you, or entertain frequent guests, size probably matters a great deal to you. Consider the number bedrooms and bathrooms you really need and pay less attention to their size. And make sure to look at each house with a bit of creativity. Could that oversized closet be a small office? Or maybe an existing office or den can double as a guestroom when you actually need it.

• Garage, Attic, and Basement

  Often dictated by where you live, the presence of a garage, attic, or basement may be considered a common necessity or an unnecessary luxury. For example, giving up a garage during a cold New England winter may be a deal-breaker. On the other hand, a flooding Florida basement may be more trouble than it’s worth.

• Outdoor Space

  If you have grandkids or pets, or consider gardening a top leisure activity, your backyard may be your sanctuary. Decide what size is the smallest you’d accept and be willing to work to customize the space to your needs. And don’t forget to look beyond your own backyard for some enjoyable outdoor space. Are there nearby parks and woods that you can have to yourself when the great outdoors calls?

• Good Community Amenities

  Your location isn’t just about your zip code. It’s also about what the community has to offer. Ask yourself, plain and simple: Could I live here? Consider the town’s personality and amenities such as community centers and services for seniors.  And even if you don’t have kids, check out the school system. It plays a lot in resale value and how well your investment will appreciate.

   

  “Wants” in a New Home

• Swimming Pool

  If you live in a warm climate where you will have many months to make use of an outdoor pool, this is an understandable “want.” Alternatively, you might find a home with a community association that offers a pool. Or find out if there is a public pool or a country club you could join.

• Landscaping

  Nice landscaping certainly adds to the look, feel, and value of a home, but this is something that can be added later—a little at a time if necessary.

• Indoor Amenities

  Everyone has their own preferences when it comes to flooring, wall covering, and paint colors. Don’t let someone’s odd taste in color or cluttered furnishings taint the way you look at the house. Imagine what if for every room. You can change a lot about a house once it’s yours.

Once you clearly define your needs vs. wants, it will be much easier to make an offer with confidence.  

Are you ready to buy a new home using your VA benefits? Turn to the loan team at NewDay USA. We are a nationwide VA mortgage lender focused on helping active military personnel, Veterans, and their families achieve their financial and housing goals. Call us today at 844-451-1589 to learn more about any of our VA home loan products.VA home loan products.