Before you start your home search, it’s important to know what you’re looking for and how much house you can afford. You may already have a good idea about the things you want to have in your new home, but what about the things you really need? The most important factors to consider when buying a home are the actual home itself, the location, and your budget.
You’ll save valuable time in your house hunt by creating a list of wants and needs. Start out by listing all of the features in your dream home and then qualify those things as either wants or needs. Different wants and needs affect your home buying costs and you may not be able to get every single thing you want in a home, so it’s good to know what you can and can’t live without.
The needs are the absolute deal breakers. These are the essentials for the property. If a home doesn’t have these things, you won’t even consider it. These features are either very difficult or impossible to change, such as the number of bedrooms or bathrooms, lot size, property type (condo, townhome, house), and distance from work.
The wants are extra things that would be nice for the property to have, but you would look at a home without these features as long as it meets everything on your needs list. A home that meets all your needs and has lots of these added features would be a great option to consider. Keep in mind that wants are things you can change or add later on, like a pool, skylights, or hardwood floors.
Finalizing your wants versus needs checklist before starting your property search will save you lots of time and frustration. Just remember that no home is perfect, but you do want to make sure you get the best home for you.