Creating Your Home Wish List: Needs vs. Wants
When searching for your dream home, one of the most important steps is creating a needs vs wants list. This list will serve as your guide throughout the house-hunting process. This article, Creating Your Home Wish List: Needs vs. Wants, will help you focus on homes that truly meet your needs and stop you from going over budget on wants.
Understanding Needs vs. Wants
Needs are the non-negotiable features that your new home must have. These are elements crucial to your daily life, work, or family situation. Wants, on the other hand, are desirable features that would be nice to have but aren’t absolutely necessary. You could live without them or potentially add them later.
How to Create Your List
Start by brainstorming all the features you’d like in your new home. Don’t hold back at this stage – list everything that comes to mind. Then, go through each item and categorize it as either a need or a want. Be honest with yourself during this process. Something you initially thought was a need might actually be a want upon closer examination.
Examples of Needs:
- Number of bedrooms: If you have three children, a four-bedroom home might be a need rather than a want.
- Location: Proximity to work or good schools could be a non-negotiable need for many buyers.
- Accessibility: For someone with mobility issues, a single-story home or one with an elevator might be a need.
- Home office: In today’s remote work environment, a dedicated workspace could be a need for many professionals.
- Garage: If you live in an area with harsh winters, a garage to protect your vehicle might be a need.
Examples of Wants:
- Swimming pool: While nice to have, it’s usually not essential and can be added later.
- Granite countertops: These are desirable but not necessary for the functioning of your kitchen.
- Walk-in closets: They’re convenient but not crucial if there’s adequate storage elsewhere.
- Fireplace: It adds charm but isn’t essential in most climates.
- Open floor plan: While popular, it’s typically a preference rather than a necessity.
Prioritizing Your List
After categorizing your items, prioritize them within each category. This will help you make decisions when you inevitably have to compromise. Remember, it’s rare to find the right home that ticks every box on your list.
While it’s important to know what you need and want, remain open to possibilities. Sometimes, a home that doesn’t meet all your criteria on paper might surprise you in person. Conversely, a house that seems perfect in theory might not feel right when you visit.
Balancing Budget and Wishes
Your budget will play a significant role in determining what you can afford to create your home wish list of wants vs needs. Be realistic about which of your wants you’re willing to pay extra for and which you can live without or add later. Sometimes, letting go of a few wants can put you in a better neighborhood or school district, which might be more valuable in the long run.
As you begin visiting homes, you might find that your priorities shift. What you thought was a need might become less important, or a want might elevate to a need. Don’t be afraid to revise your list as you go through the process.