Did you know that one of the hardest things about buying a new home is deciding on the best location?
In this episode of Naturally NWA, I’m going to outline an exercise that will help you decide where and
what kind of property to purchase. I’ll show you how the process of elimination and weighing your
needs and wants will help you find the best place to settle.
Choosing Where To Live
When it comes to finding a place to live, there are so many things to consider that it can become
overwhelming. Do you need to be near work? How are the schools for the kids? Better yet, where do
you get the biggest bang for your buck?
When you are buying a new house, you need to use the process of elimination based on the strengths
and weaknesses of your needs and wants. We’re going to use that logic to narrow down what’s most
important to you. Ultimately, there are three things you should consider when moving to a new house.
First, what do you want your ideal monthly payment to be? Second, how important is the location to
you? Third, what kind of features do you absolutely need in a new home? Before we get started, it’s
extremely important to realize that nobody gets all three of these things without building a new
construction custom house with an unlimited budget. So keep that in mind.
Weighing Your Needs And Wants
The goal of this exercise is to weigh what’s most important to you so that you can separate your needs
from your wants. The three areas to consider are price, location, and amenities. You’ll then rate these
three in order of importance.
For example, let’s say that you found a house at a great price in the neighborhood you want—but the
interior is not as updated as you would like. Or what if you went over budget by $20,000 but you got the
house of your dreams in your most ideal location? What if you stayed under your purchase price, got
everything you want in your house, but sacrificed location? These are all things to consider.
The Process Of Elimination
The first thing you want to answer is how important the price is to you. Do you have to stay under a
certain budget? The answer will allow you to instantly rule out areas that you cannot afford. The next
question is how important is the location to you? Can you sacrifice amenities like a fourth bedroom, an upgraded kitchen, or a large outdoor space to be closer to downtown or within a certain school district or neighborhood? Are those things more
important than the location? As you begin to list out your needs and wants, this list will help you narrow
down potential locations so that you can begin house hunting.
A good real estate agent can help point you in the right areas to help you get most of your boxes
checked. However, I’m going to warn you that a lot of people end up buying the complete opposite of
what they list in this exercise. Still, it’s this exercise that allowed them to see what was really important
to them. We have found that by listing your needs and wants concerning location, price, and amenities,
you will be able to find a home that fits you the best.
Finding Your Home
I hope this video has helped you narrow down your search by uncovering what’s most important in your
next home. I help people just like you buy and sell real estate every day, and I would love the
opportunity to assist you as well. So if you’re looking for something specific or have additional questions
about the process or the local area, please feel free to reach out to me and I’ll be happy to help.
Don’t forget to subscribe to my channel for more information on Northwest Arkansas and the real
estate process. Stay tuned to a future episode of Naturally NWA to see what I feature next!