25 Jul 2017

3 Must-vs-Lust Buying Tips to Avoid Overspending

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The super-simple (and fun) way to separate needs from nice-to-haves.

This post 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, and 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.

Highlight the Important Stuff

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 waaay down the list or taken off entirely. Back splash tile, paint color, and lighting can all be changed inexpensively and 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 says, “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? Make sense?

 

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Neil Gortler
CBR, SRES - Licensed Real Estate Salesperson

Phone: 516.849.5895 | neil@neilgortler.com

As an experienced professional Neil will do the leg work, keeping you up-to-date with new listings and the various market conditions that may impact the home purchase process. Sellers can also benefit from his skills in finance, negotiation, contractual agreements, and RE marketing. Call today and allow Neil to guide you through the complexities of buying or selling your home, eliminating hassles, and stress.

Member of:
National Association of Realtors
Long Island Board of Realtors
Multiple listing service of long Island
New York State Association of Realtors
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