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When starting the search process, the pressure of finding the perfect home of your dreams within your budget can feel a bit stifling at times. Especially if you are a first time buyer! How can you make sure you buy the “right” home? Well, the first thing to note is that “right” isn’t one size fits all. What’s “right” for one person may not be “right” for another—this all depends on your specific Wants and Needs!
Purchasing a home can be a very emotional process with many steps involved. It is easy to lose track of what is important when “falling in love” with potential homes that do not fit within your search parameters. Taking the time to create your Wants and Needs checklist (and being realistic with yourself) with your REALTOR® is an important early step.
Why The List Is Important?
- Eliminates homes that don’t fit, allowing you to focus on viewing the ones that do.
- Avoids emotional buying.
- Avoids conflict, arguments, and unnecessary stress between all buyers involved.
- Allows you to act quickly and with confidence when the right one comes along.
- Assists your REALTOR® when searching the local market for the perfect home for you.
- Allows space to make appropriate compromises
“Needs”
A Need is an item on your list that you will not likely compromise on; a “Must Have”. Location (close to schools, parks, place of employment), budget, parking (garage-attached/detached), and space are all considerations of a person’s “Needs”. Additional items to consider might include how long you plan to live in this home and any future plans such as children, hobbies, home based business, etc.
Location
Consider neighbourhoods by commute times of your place of employment, schools if you have children (or plan on them in the future), and any other facilities you may frequent including grocery shopping, restaurants, activities, etc.
Space
Consider space needed in your new home now and how your family may expand in the future. Set your ideal number of bedrooms, bathrooms, yard size and storage. Maybe you love to entertain and a spacious kitchen is a must too!
Budget
Your budget is important to have before you start your home search and should always be a “Deal Breaker”—shop within your financial means! The first step is determining how much you qualify for a home mortgage. This will allow you to figure out how much your overall budget is based on your annual household income, credit score, and total down payment. Talking with a Mortgage Specialist will assist you with this important step!
“Wants”
Wants are optional. These are the items you would love to have but can live without or possibly add to your home later. The Wants should be flexible; willing to compromise if the home doesn’t have exactly what you want. Amenities and aesthetics are “wants” to be considered, but don’t overlook a home because the paint color or flooring isn’t your preference or because it doesn’t have a hot tub. The cosmetics of a home can be updated at any time and those little and/or big extra’s are just that!
Questions To Ask Yourself
You are almost ready to create your own wants and needs checklist. Before you begin, though, ask yourself a few simple questions to get you in the right mindset.
How Long Do You Plan To Live In Your New Home?
Consider your long term goals as these will likely impact the duration of the time you spend in your next home. These long term goals will help you determine your “wants” vs “needs.”
Are Your Homebuying Expectations Realistic?
Whether a first-time homebuyer or not, setting realistic expectations is a must. You will never find everything you want in a home unless you custom build it. Come into the process with an open mind and do not set yourself up for disappointment.
What Are Things You Like/Dislike About Your Current Home?
Perhaps you’re an avid baker and the lack of counter space in your current home just isn’t cutting it. Or, maybe mobility is an issue and you’re in need of something with minimal stairs. Consider the features about your current home or previous homes that you appreciate or dislike. Use this knowledge to assist you when determining the framework for your wants and needs.
Make That List And Find Your New Home
Managing expectations and creating a “Wants vs Needs” checklist will allow for a positive and productive homebuying experience. Don’t hesitate to draw on a REALTOR®’s experience—they’ve been through this process many times before and can help you narrow down what is important to you. After all, that’s what I’m here for!
