Watch Out for This Pitfall When Deciding What You Want in a Home

The median sale price of a home climbed to $436,800 in the first quarter of 2023, and many shoppers are still looking for homes despite the fact that interest rates on mortgage loans have rapidly increased since the heart of the pandemic.

With home prices and mortgage rates both pretty high, it's important to be smart about buying a home. And that means not making a common mistake many people make when searching for a property. Here's the pitfall that would-be property owners need to make sure to avoid so they aren't left with regrets.

Focusing on the wrong features could end up costing you

Unfortunately, many people focus on too many of the wrong things when looking for a new property. Specifically, if you have too many home features on your must-have list that are easily changeable, you could lose sight of the things that really matter -- and you could pass up a great house in the process.

Far too many people have a list of "must-haves" based on things they see on HGTV or in magazines and end up choosing a house based on things like nice granite countertops or a specific style of kitchen cabinets. They might focus on finding a home with a designer "spa" bath or the latest paint colors, or with updated landscaping that provides good curb appeal.

While those things can be nice to have, in most cases, none of them should be deal breakers. In fact, anything that could be easily changed in a property over time with just a small investment should not be the primary feature you look for when buying a house.

If you do focus on cosmetic issues, you could end up purchasing a property that lacks qualities that are even more important -- like a great location offering you a short commute. Or, you could find yourself justifying paying more for a house just to check all of these "wants" off your list.

Make a list of clear priorities so you can make an informed choice

Instead of focusing on a ton of different cosmetic things when you're looking for a home -- and potentially passing on great houses or spending too much -- it's best to make a short, clear list of the things you really need to prioritize. Typically, this list should include the home features you cannot change, such as:

• The location of the house
• The safety of the neighborhood
• The ease and distance of your commute
• The layout of the home
• The view that you have
• Your proximity to neighbors (if this is an issue for you)

While you can add a few other priorities to your list based on your needs, don't make your list too long or get too hung up on anything that would be an easy or inexpensive fix. If you do, you could end up regretting it when you can't find a house in your budget to buy or when you end up in a property that's not right for you over the long haul.