How to Decide on the Must Have Features For Your Home

In Edmonton, people just like you are taking the leap into home ownership every single day. But, ensuring that you move into a home that you absolutely love relies on you taking the time to identify the features that matter most to you to ensure that you never compromise on your wants and needs amid the thrill of becoming a homeowner. Those small details that you hesitantly agree to overlook when confirming your offer, can grow to become your biggest regrets later on, so it pays to know what you want and to be certain that you are true to your own wishes.

Before you look at the listings

Chances are that if you dare to start considering your home choices by consulting the listings, you might find yourself mis-directed off course sooner than you think. Before you allow yourself to be distracted by homes that are “close” to what you have in mind, start first with a blank piece of paper and list all of the amenities that you want your new home to have. Once you have created that list, rank each item by importance to you. You may want to do this separately from your spouse before comparing notes to ensure that you both are getting into a home that reflects what you want. You may find that each of you has ranked the priority items differently, and that may factor into the decision-making process as you start to look at different homes. By taking the time to self-identify your needs before you take a look at what’s on the market you can better prevent yourself (and your spouse) from negotiating yourself into a compromise on a home that fails to meet your needs, despite offering other features which seem to offset those wishes.

What are the features that you want to consider?

The number of bedrooms and bathrooms is a great starting place for any evaluation of your needs. Consider both the space that you need now and how that may evolve over the next ten years. Are you a growing family with youngsters at home and possibly more on the way? Are you currently nearing the end of your parenting days and facing life as empty-nesters? How often do you entertain overnight visitors to your home? All of this can factor in to the number of bedrooms and bathrooms that you will need to be comfortable. Filling rooms as your children move out of the home can be easier to address by changing rooms to exercise rooms or space for a home office. However, trying to create new space as your family grows can be more challenging. Do you want a yard? Yes, outdoor leisure space and fenced yard can be a great feature to enjoy, but it carries with it a slate of maintenance tasks as well. Is a smaller yard more preferable based on your own personal tastes? How handy are you? Maybe your vision is to have a fully finished basement with bedrooms and other functional spaces, but the homes that you find in your price range all feature unfinished basements. If you are a capable do-it-yourselfer, this can create a project that you can invest your own sweat equity into to create the space that you need, and also increase the value of your property as well in the process. However, if you’re not handy with a hammer and saw, buying a home that isn’t fully functional can create frustrations and large expense to complete. Location is often a factor when buying a home. Do you have a strong feeling about being closely situated near area schools, recreation or your work? This can have one of the biggest influences on what you are willing to accept if the homes on the market fail to meet each of your own personal priorities. Know your budget. Many housing experts urge buyers to consult their lender to confirm what sum they are pre-approved for when purchasing a home. This ensures that you are starting your search with your financial status in mind, avoiding the homes which are beyond your price range.

Can you fulfill all of the needs and wants on your list and still stay within your budget?

If the answer is yes, then congratulations and welcome to the joy of home ownership on your own terms. If the answer is no, start with eliminating the lowest priority items on the list you have created yourself and assess your options based on what you are willing to compromise on in order to find your new home. If you’re not happy with the choices that remain, don’t make an offer. Only you know what will ensure your happiness and comfort in your home and you don’t want to give that up if the fit isn’t right.

How can Method help?

At Method, we have helped buyers just like you to navigate the Edmonton housing market and find the best solution that meets both their needs and their budget. Come to us with the prioritized list of what you want to see in your new home and we can help to reduce the legwork of the search and short list the homes in your price range which feature all of the amenities that you’re looking for. No matter where you find yourself in life and the changes around the corner that have you looking at your options, rely on the experience of our team to help find the right home for you. With access to a database of public and private home listings, Method has been helping families do more than just put a roof over their heads, we are helping them to find the setting that will become their home. We look forward to learning more about your needs and finding the right fit for you. When you call, be sure to ask us about our innovative selling methods which you won’t find anywhere else.


In Real Estate The Price Has To Be Right

Pricing your home properly in this Edmonton Real Estate Market is the single most important thing you will have to do if you want to sell your home. Each day sellers are looking for advice and searching for that magic pill, but there isn’t one. I can however tell you what won’t sell your home! My face on a bus stop will not sell your home. Just listed cards will not sell your home. They might get me a few more listings but I feel I should earn my business in other ways.  So what will sell your home? Exposure to the whole market will help sell your home. Understanding the market and where you stand in it will help sell your home and proper pricing will help too. Independently they may seem small, but put these together and you have an excellent formula for success.

Numbers Never Lie, But They Can Be Misleading

Let’s take a look at the increase in the average price. Does this truly reflect what’s going on in the market? It does not. Numbers are like computers.  You get out what you put into them and in this case the average price, when analyzed properly is telling us that buyers are getting much more for their dollar. It’s like selling five houses in February at a price each of $100,000 and selling another five in March for $100,000. In both months the average price is $100,000, but what if the homes sold in March were larger? Or were in better locations? You can see how the average price doesn’t tell the whole story. Truth is housing prices are falling, supply is up and buyers are seeing their dollar go much further than in the past. When I price a home, I talk extensively on the risks of not being immediately competitive in our pricing. My aim is to sell as quickly as possible.  This is not for my best interest but that of my seller. The risk of not selling quickly when prices are trending downward is high and can cost sellers thousands of dollars. Pricing is complicated and it takes understanding and experience, as each situation is unique.

Supply – Edmonton Real Estate Market

This continues to be an issue and as long as it is, don’t expect prices to move upward. It’s the law of supply and demand. Buyers are king in this market and if they are not satisfied with the property or comfortable with the price they will move on. It’s not enough to get offers anymore. You need to work hard to ensure they hold together as buyers are walking away from deals for the smallest of reasons.  This is why it’s important that you get help. Choose a REALTOR® to work for you that has the experience to deal with tough markets and prepares you for the many different scenarios you may encounter. I always talk about the difference between perception and reality and never before has this meant so much to both buyers and sellers. For sellers it’s about simply getting sold. For buyers it could mean thousands of dollars saved…or lost!

This article is the opinion of Rod Thompson and in no way should it be used by itself to make any critical real estate or financial decisions. If you wish to discuss this article or your own situation with Rod, please feel free to contact him. Not intended to solicit buyers and sellers currently under contract.

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