How to Create a Needs & Wants List When Shopping for a Home
When you’re searching for a home to buy, it’s important to distinguish between what you need and what would just be nice to have. Creating a needs and wants list will ensure you focus on properties that are suitable for yourself or your family. In addition, it will help you avoid falling for a home that has many attractive features but isn’t actually the right fit for you. Here’s a quick guide to get you started.
Defining “Needs” and “Wants”
Needs are things you cannot go without — there’s no point even looking at properties that lack these features. For instance, you may need a single-family home, a property in a particular neighbourhood, or a certain number of bedrooms and bathrooms.
In contrast, wants are things you would like but can manage without. You may divide them further into aspects that would make your home much more appealing and features that would just be preferable. This may include things like an open floor plan, new appliances, and parking.
It’s also important to consider features that don’t matter to you. For instance, some homebuyers may be willing to pay extra for a home that’s close to amenities like schools and public transit. Make sure you're not paying a premium for a property with features that aren't important to you.
What Do You Want to Change?
An easy way to determine a key need is to think about why you’re moving — what is it your current home is lacking? Furthermore, if there is anything you particularly dislike about the place you live now, make sure the home you purchase doesn’t have the same problem.
What Features Can You Afford?
Make sure items on the needs section of your list are all things you can definitely afford. If you’re being unrealistic and some items are likely to be out of your budget, you may need to relegate them to wants. It’s fine to have an idea of the perfect home, but it’s important to accept that you may not be able to find it all in one package at this point in your life.
Is a Remodel Possible?
You may be able to use a remodel to add some features that are not essential right now. Determine the feasibility of a remodel by considering the building codes in your area and the likely cost of such a project.
How Long Will You Keep Your New Home?
Another way to gain features you’re unable to afford right now would be to move into a new home in a few years. If you’re looking to purchase your first home, you may live in it for anywhere from five to 10 years. Consider when a need is likely to become a want and if you’d be happy to move again within this amount of time.
Finding a property that meets all your needs and as many of your wants as possible can be a challenge, but it’s much easier when you work with a realtor. Receive the support you need from experienced Sherwood Park realtors by working with Damon Bunting Real Estate Group. Connect with us to start the process.