Needs, wants, compromises
STORY HEATHER HADDEN
When money is an object, as is the case for most homebuyers, finding the "right" home often means making some concessions. But, before you brush off your visions of a backyard, a well-equipped kitchen or a home office, do you know how to differentiate your "needs" from your "wants?"
The first "need" on your list should be the price, quite simply because if you can't afford it then you can't buy it. Know your budget before you start shopping. What's your limit? Getting a mortgage pre-approval will help answer that question. It's a good idea to consult a financial advisor to ensure you can afford the mortgage payments while also servicing your other debts and financial commitments, and maintaining your desired lifestyle.
The next common "needs" are a bit less rigid: location and the home's features.
Most people have a pretty solid idea of where they want to live and what their home should be, but they have some wiggle room. Here's how many homebuyers are achieving those needs - albeit with a little "wiggle."
Location is a non-negotiable need for many homebuyers. People want to be close to their place of work, family and friends, and local amenities like parks and recreation, schools, services, access to highways, medical facilities and countless others. But as we all know, great locations come at a premium price. Buying an older "fixer-upper" home is a common way that many buyers get into their preferred neighbourhood at an affordable price. The idea is that with time, patience, some elbow grease and gradual investments made over time, renovations will eventually result in a dream home in the neighbourhood of choice.
When it comes to a home's features, a new trend has surfaced in the wake of the pandemic, whereby many homebuyers are now looking outside of the city limits in search of homes that offer more square footage and amenities like a pool, a big yard or home office and oftentimes, they can get all three if they go far enough. There's an old saying in real estate - drive until you qualify (for a mortgage, that is). If you're not part of this urban exodus, rest assured you won't have to drive too far. Instead, consider nearby up-and-coming neighbourhoods, likely just minutes from that hot spot you originally had your eye on.
With that being said, if you're not happy with your tweaked location for some reason (train tracks, industrial or commercial neighbours or other undesirable developments nearby), then keep looking. While you can change most things about a home, its location is one thing you definitely can't change.
I always advise my clients not to compromise on their needs in their home hunt, but to be realistic in their search criteria. A home is a place to live, but it's also an investment and a long-term asset. If you're looking to make a smart move that delivers your needs and wants, view them from a long-term perspective and remember, all in good time.
About Heather Hadden
As the Principal at Hadden Homes , Heather is a notable top real-estate professional in the GTA. She is focused on providing comprehensive, full-service real estate support for all new and existing home owners, making you love where you live once again.
