Buying a new home can fulfill many dreams: the dream to live in the type of home that one has dreamed of for years, the dream to expand to a home with more room, even the dream to live in a particular neighborhood or city. However, before diving into making an offer on that dream house, consider the wants, needs, and must-haves of the home you purchase.
Defining your wants, needs, and must-have list before beginning a home search can save tens of thousands of dollars and help you find the perfect home to fit your overall needs.
New Home Must Haves
This list is comprised of those “make or break” items such as number of bedrooms, square footage, lot size, or even school zones. When referring to those must haves, think of it as those items that you have to have in order to even look at a property. This is the beginning step for your new home. Think long and hard about this category because it will ultimately help you decide on your overall budget.
Begin your search with this list in mind.
New Home Needs
This category is completely different from wants and closer to must-haves. For example, a couple with an aging parent may need a single-story home so that their parent doesn’t have to climb stairs. Another example would be the type of housing. People with small children need a place for their children to run and play. A condo won’t give them that type of free-range space and a townhome may be too limited in yard space. This individuals need is a home with a yard.
Use the needs list to whittle down the overall homes to a manageable size.
New Home Wants
Everyone has a list of “must-haves” but most of those that fall into the category of must-have are really wants. For example, someone might say, “I must have an open concept, en suite off of the master, and at least an acre of land.” What they really mean is, “I want to be able to see my children while cooking dinner, I would like to be able to have access to a bathroom directly off of my bedroom, and it would be nice to have enough land to plant that organic garden I’ve been dreaming about for years.”
Decide now what your wants are so that when that perfect house pops up, you will be able to swoop in and seal the deal.
Now that you have your list, use it to your advantage.
Must Versus Lust
No need to refer to the must haves list now. Remember, you won’t look at a home if it doesn’t have your must haves. The needs list helps you narrow the home list down even further. Instead, focus on the wants. Begin with ten of those wants and place them in order of importance. This way you will be able to recognize the perfect home and make an offer with confidence.