How do you begin to establish a list of needs and wants. The important thing to remember is the needs are deal-breakers. Perhaps you want a single family house and will not consider a condominium. Maybe you’ve chosen a particular school district or neighborhood and anything outside that area is not an option. Maybe you need three bedrooms for the kids you plan to have in coming years. These are essentials that would impossible, or at least very difficult, to change.
Wants on the other hand are to some degree, optional. They are often things that you could love without or things that you could possibly add to the home later. later. Maybe you want stainless steel appliances or granite countertops. If you found an otherwise perfect home had black appliances or laminate countertops, the home would still be a contendor knowing that you could switch these cosmetic items out later for the ones you wanted.
When determining your wish list of wants vs. needs there are a few questions you can ask yourself.
1. What do you love about where you live now, i.e. commute time to work, park nearby, school district, etc.
2. What don’t you like about where you live now, i.e. the bedrooms are too small, the kitchen is not updated, the yard is not private or there is no parking, etc.
3. How long do you plan to live in our home and what will change in your life during that time frame, i.e. do you plan to have children in the home or do you plan to get a dog or switch jobs, etc.
4. Are your expectations realistic? For example, if you are wanting to stay in a certain neighborhood that typically has an average sales price of $400,000 it would be unrealistic to look for a home in that neighborhood for $250,000 unless you were willing take on a hefty list of repairs.
Once you have a preliminary list together, be sure to share it with your Realtor. They will be invaluable in determining whether your criteria can be met within your desired budget. In the event concessions need to be made, they will be able to offer creative solutions that will help make your wish list most attainable.
