If you are surrounded by friends buying New Orleans homes, it’s super easy to fall into FOMO – the fear of missing out. But that’s an expensive fear when it comes to buying a property if it causes you to buy more house than you actually want or need.
How much house do you need?
There’s a difference between what you want and what you need. Our job, as professional agents, is to help you find the best of both worlds so you can live happily ever after in your place. Or at least happily ever until the next move in your life.
Once we’ve narrowed down your wants, needs, and budget, we’ll ask you to ask yourself how much house do you need.
Everyone likes to think they need an entire extra room for an office but unless you need a whole setup for work-from-home, do you really need to pay for an additional bedroom? We see you curled up on the sofa in your yoga pants while working! Instead, perhaps a corner of the living room could be converted into a small office space, saving your money for dazzling finishes in other parts of the house.
Let’s get real about bathrooms, too. If you’re a single home buyer, you likely don’t need more than 1 or 1.5 bathrooms. Not only will the search for a second full bath require more money in your budget, but it will also throw you into the ring with a much bigger pool of buyers. More competition = more bidding wars = higher prices. If it’s worth the price to you, however, then we say go for it!
Kitchens can be uber-expensive, especially when they are big and open and have the latest and greatest of…well, everything. If your idea of cooking is to open a delivery app, then do you really want to include the cost of a gourmet kitchen in your monthly mortgage payment? On the other hand, we’ve seen some spectacular updated kitchens in some small houses that still won’t break the bank.
How much of your current space do you actually use? It’s a great question for buyers considering a downsize. If there are rooms in your house that you only enter to dust, then you already know that having space just to have space isn’t cost-effective and takes up your time to clean and maintain.
Finally, unless you’re toting around MawMaw’s dining room set, complete with a china cabinet and sideboard, is a formal dining room truly on your list? In a completely unscientific survey of people we know, they generally only use the formal dining room during the holidays.
Need more home buying advice? Ask us. We’ve got plenty to say.