Homebuying can quickly become tedious and stressful after looking at a few homes. Here at Anthobella Real Estate, we work hard to ensure our clients have a seamless process. A large part of that is asking a potential home buyer to create a needs vs wants checklist.
This greatly aids potential buyers who need help distinguishing what is necessary and what is not. For example, having access to water and a strong structure are needed, however, a pool or different types of furnishings aren’t. Still, this list can vary depending on an individual’s lifestyle choices.
Here are some tips for creating your home-buying priority list:
What is the difference between a need and a want?
The first step is differentiating what your specific sets of needs are versus your wants. There are some key indicators of how these two are different, the main one being, deal breakers. Your needs are non-negotiable whereas your wants are your home-buying desires that are more flexible.
Still not sure how you will differentiate them? Ask yourself questions:, What are the qualities you like and dislike about your current home? Or what features do you like or can be remodelled thereafter?
Questions like these will help you create your list, which will be divided into two categories. Your table can be structured like this:
Factors to Consider:
Now onto what you need to assess. Here are some of the key factors we tell our clients to analyze when creating their home-buying list:
1. Location:
- Is it close to the school or work?
- Is it close to family or friends?
- Is it close to amenities such as groceries, pharmacies etc?
- Is the commute too far to your frequented locations??
2. Budget:
- How much do you qualify for on a mortgage?
- How much do you have for remodelling if needed?
3. Indoor and Outdoor Space
- How many rooms do you need? Alternatively: how many bathrooms do you need?
- Is outdoor space required for you?
- Do you plan on having a family and need additional space in the future?
- Is there additional space on the property for possibly extending the property?
4. Furnishings and Aesthetic Factors
- Do you want a specific type of paint colour or type of flooring?
- Are there specific appliances that are necessary for you to move in?
- Do you need it to be furnished or do you have the necessary appliances/furniture?
- What does your dream house look like aesthetically? And how much will it likely cost? (This will require you to go to stores and check out prices.
5. Home Amenities
- What kind of garden do you want? Can you grow it within the space?
- Do you want a pool?
- Is there parking available?
- Do you need a garage or covering for your vehicles?
Carefully, consider all of the points above and add your specific needs and wants. While it may initially seem time-consuming, creating lists like these makes it easier to narrow down your choices, reduce the time for your search, remove emotion from the process and help you make the appropriate compromises.
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