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The Wish list – How it can work against you

By
Real Estate Sales Representative with Right At Home Realty Inc., Brokerage

When buying a house, most people have some kind of idea of what they would like to have in their new place.

Maybe a two car garage, a patio with swimming pool, or maybe a fully updated kitchen with new appliances and cabinets.

Of course all homebuyers are different in what they want.

Real estate experts say you should put together a ‘wish list’ of what you are looking for when buying a house, in order to give a real estate agent an idea of properties that they feel you might be interested in.

But that ‘wish list’ can also work against you if you don’t keep a measure of common sense in the equation.

The trouble with a wish list is that first word in the phrase – wish.

We all wish we could have certain things but practicality should also be part of your search for that new home.

Unless you’ve got a money tree growing out back, you’re like most people and will have to work out a budget when you decide how much you can spend on a home.

If you become too stuck on what you want, versus what you need, you are looking for trouble when you start searching for a home and even more trouble when you start making offers.

For some reason, people always low-ball their first offer when buying a house. It’s pretty much become part of the standard way of doing things. The seller then follows that up with a counter offer.

If you find a house that is equipped with your entire list of ‘must have’ items, first of all you’re very lucky. Secondly you may get caught up in the whole situation and find yourself in a bidding war with another potential buyer.

When you are buying a house, the best strategy is to distance yourself emotionally and treat it as a business decision – which is exactly what it is.

The best way to shop for a home while keeping price, wish list, and budget in the picture is to also have a second list – a ‘nice to have’ list.

Your home-buying decision should be based on the premise that you don’t always get everything you want.

You should create a wish list of items you deem very important, but keep it small. Then back up your list with other items that would be ‘nice to have’ but really aren’t necessary.

This will make buying a house a lot easier.

And don’t forget, even if your home doesn’t come with everything you want, you have years ahead of you to ad new things to the house and create your wish list over time.

 

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