Chapter 6: House Hunting, Needs Before Wants

Chapter 6: House Hunting, Needs Before Wants

A Scene from Real Life

A family toured 15 homes in one month. At house sixteen, they found an ordinary home: dated kitchen, but an excellent neighborhood, great schools, and the right price. Five years later, their ordinary home gained 40%. The lesson: buy the neighborhood, not the kitchen.

Needs vs. Wants

Needs (non-negotiable): minimum bedrooms, maximum price (per pre-approval), distance to work/schools, neighborhood safety.

Wants: modern kitchen, pool, luxury finishes.

The rule: never stretch your budget for a want. A kitchen can be renovated for $15,000; a bad neighborhood cannot be fixed.

Researching the Neighborhood

Where: Zillow, Redfin, Realtor.com; GreatSchools.org for schools; msc.fema.gov for flood zones.

• Visit 3 times: morning, evening, weekend.
• Talk to neighbors: they tell you what agents won’t.
• Check schools even without kids — protects resale value.

Buyer’s Agent

Works for you. Watch out: after the 2024 NAR settlement, you may pay your agent’s commission (2-3%). Discuss in writing first.

Red Flags

• Strong mold/damp smell
• Large foundation cracks
• Seller refuses inspection: walk away immediately
• “As-is” at a tempting price: usually hides problems

Action Steps

• Write needs/wants lists with your family.
• Visit 3 neighborhoods, 3 times each.
• Interview 3+ agents; discuss commission in writing.
• Never fall in love before the inspection.

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