Buying a Home – Identify your Wish List vs. Your Must-Have List

In life, there’s always a constant struggle between identifying our wants and our needs. Determining what we want and what we need enables us to set our goals and prioritize, and this is important when you’re looking for a new home. It’s easy to get carried away when we look at potential homes; granite counters are attractive, a master bedroom with a walk-in closet is very desirable, etc. With so many features and amenities being shown during open houses and viewings, the possibility of straying from your original set of goals is high, unless you have determined your wish list and your must-have list beforehand.

A wish list may include anything you want, from a potential home’s cosmetic features to special amenities. It’s the stuff that you’d like to have but can do without, because a wish list, above all, needs to be flexible. A must-have list, on the other hand, contains the home features and amenities that your potential home must possess. This could include anything as well; it all depends on your preferences and vision. Features and items on your must-have list are often non-negotiable (that’s why it’s a “must-have” list).

So, how do you determine what goes into your wish list and your must-have list? Here are the two main things you need to keep in mind to help you sort things out:

• Be realistic about your must-have list. The key to this is to know just how much you can afford. A budget keeps things in perspective and helps you avoid those flights of fancy. Stick to the things that you absolutely need and cannot live without, whether it’s the number of bedrooms, the storage space, the kitchen style, etc.
• Start with a wish list. Narrow it down by ranking the features that you would like your new home to have from the most important to the least important. The most important features on your wish list can start off your must-have list.