Las Vegas Homes: Do you hold out for that perfect home,
or settle on the next best thing?
In real estate shopping, it’s easy to get caught up on every little feature that you’re looking for in your new home. When it comes to making the final purchase, however, how important are those ‘perfect’ features, and are they holding you back from buying a home that might suit you better in the long run? Buying a home is a highly involved process, and one of the biggest purchasing decisions you’ll ever make. You’ll most likely look at a number of Las Vegas homes in the search—and many of these might feel close to being perfect, but just not ‘perfect’ enough. Whether the layout isn’t just right, or it’s missing one or two of your must-have features, here are a list of considerations to help your decision-making process.
1. Need vs. Wish List
You might have wanted a larger kitchen, a built-in patio, a larger bathroom, or even a double-car garage – but your almost-dream home is missing that one thing you decided early on that you couldn’t live without. If you were hunting for a larger kitchen because that’s where your family spends the most time, chances are that this feature is fairly important. It’s time to make a list: Features you want versus features you need. That big kitchen space because your family loves to cook and eat together would wind up on the needs list, while an enclosed patio might be more of a want – and there is a significant difference between the two when it comes to making a final decision. As much as we all want our dream home in our price range, prospective homebuyers often have to make concessions about which features are in their final choice. By having the Need list and the want list, you’ll be able to find areas on which you can compromise, while still making sure that the basic needs of you and your family are met by the home of your choice, while one or two items on your wish list might be left off.
Buying a home can be a daunting task, especially when the ‘perfect’ homes are often out of your price range. It’s easy to get caught up in the details of a home and not look further down the line when you’ll be stuck making the payments on your mortgage for the next 15 to 30 years. At this point, you’ll need to sit down and have an honest conversation with yourself as to whether those features are worth the financial strain.
3. The Waiting Game
The speed at which people purchase homes also varies—if you’re still in the looking stage and can put off purchasing a home for the next six months to a year, you might be able to find one that is closer to perfect. For those who have to purchase quickly due to the school year, work, or a former lease, waiting for the ‘perfect’ house may not be an option. For those in need of a faster closing sale, more concessions from the wish list—or even the needs list—may be in order.
4. Can You Renovate in the Future?
Just because your almost-dream home doesn’t have all the features you want right now, you might be able to make those changes in the future. If this is something that is feasible, such as adding an extension, opening up the kitchen, or re-decorating or hiring a landscaper later down the line, your almost-dream home might begin to seem much more realistic over the long-term.
Ultimately, the decision rests with you and what you want in your new home. While you might not get every feature you want at the outset, it doesn’t mean your almost-dream home can’t be updated in the future to meet your needs—which might be something to keep in mind as you assess Las Vegas homes for their long-term value.