Home buying is often an incredibly daunting and confusing process. With all of the many options available on the real estate market today, it can be very overwhelming to decide what is truly important to you in buying a home. Besides getting pre-approved for funding and knowing what you can afford, it’s most important to be able to separate what you need in your new home versus what you want in your new home. Your real estate agent or professional will happily help you figure out these needs and these wants through the questions he or she will ask you. However, it’s good to have a list of each of these planned out beforehand so that you go into your meeting with your real estate professional well-prepared.
It’s true that many home buyers often confuse their home-buying needs with their wants. That’s why a wish list is often recommended by many real estate experts, because it’s extremely helpful when narrowing down what you’re in a home. By having a wish list already drawn out, it helps in the process of elimination of homes that will never fit their needs. However, many home buyers can dismiss homes that would perfectly fit their needs because they do not have any of their wants – even if those wants would be able to be added later on. Of course, it’s extremely rare that you will ever get everything on your wish list in the end. What homes you will eventually have access to are often defined more by your budget than your wish list – but it helps you to be more realistic.
Here’s an example of a wish list which is separated into home-buying needs and wants.
Examples of Needs
- Adaptions for disabilities or handicaps
- Adequate number of bathrooms
- An eat-in kitchen
- Enough bedrooms to accommodate your family and/or friends
- Garage or basement for storage needs
- Lots size to accommodate children’s play area
- Proximity to a particular school
- Reasonable square footage for comfortable living space
- Single floor living for health reasons
Examples of Wants
- Bay windows and skylights
- Entertainment centers
- Decks and Patios
- Great views
- Granite Counter tops
- Hardwood floors
- Pool or Jacuzzi (Unless needed for medical reasons)
- Upgraded lighting fixtures
Everyone obviously has considerably different lists of needs and wants. By creating your own wishlist, it helps you evaluate homes more accurately as you go through the research process. Then, sharing this list with your real estate professional helps narrow down your search even further while also opening you up to new options. The goal is to find a house that includes all of your needs and meets as many of your wants as is practical in your budget. Sometimes you may need to get creative and find homes that have many of your needs while also being able to then accommodate your wants at a reasonable price still within your budget. But the wish list goes a long way in making sure that you can limit the possibility of buyers’ remorse and get the most for your money in buying the right home for you.
Photo credit: iStockPhoto