Comparing your wants and needs when buying a home

Whether you’re buying your first home, moving up to a bigger home, or even downsizing, there are considerations you will have as your search begins. In the current market in the Triangle, it helps to have expectations about your next home determined in advance so you can approach your search with confidence.

You may already have an idea of what you want in your next home. The key is to sort through what you want and what you just can’t do without. Pulling together a simple wish list that clearly outlines what you’re looking for can help you approach your search positively and give your real estate agent guidance. Here is what you should consider as you navigate the differences between your wants and needs.

It’s always wise to go through the process of writing down what you want to prioritize in your next home. This simple practice will help you get organized and will help you think through what’s most important as you start your search.

The good news is a wish list can be as simple or as complicated as you are comfortable with. Taking notes on a pad of paper can be every bit as effective as tracking it in a sharable document or Excel spreadsheet. Regardless of how you do it, it’s designed to keep you focused on your priorities while you’re looking for a home.

Think of must-have items as deal-breakers. If your agent is showing you rooms without something on this list, your must-have list should tell you the house just won’t work. If you aren’t clear about your must-haves, you may lose valuable time searching for the right home.

You likely already know what your must-haves are. For example, many people know they need a certain number of bedrooms and bathrooms, a fenced-in yard for pets, a multi-car garage, or a specific price point to meet their financial needs. Yet you may also have other specific needs based on your family’s circumstances. Maybe a home gym or office is a must-have, or an extra tool shed for woodworking. List out those priorities if there are spaces you’ll regret not prioritizing down the road.

Are there items that don’t quite meet your must-have needs but that are still important that you find in your next home? If they are considered even somewhat essential, you’ll need to note what those things are. It may be helpful to rank your needs by importance, too, so you can assess what you value most in your search.

For example, some people may rank proximity to work high on their list of needs, while someone who works remotely may rank that lower. Others may want to be close to specific schools and churches, while others may prioritize proximity to greenway trails for biking or running. Your needs will be individual to you and your family, yet they can be some of the major factors that can help you find the right home.  

Your wants on your wish list should be what you’re willing to compromise on. These items may not prevent you from purchasing a home you find, and if you happen to find a home with these items, it might be the thing that sells you on it.

It’s often a good idea to view your wants list as something that sweetens the deal for you. Maybe you know you want a 3-bedroom home, but if you found a 4-bedroom home, you’d be sold. Perhaps you’d love a bit of extra land or a swimming pool for those hot Triangle summers. Be clear about what those things are so that you recognize what you like when you see them.

Before you get too far down the process, ensure you’re getting pre-approved for a mortgage so you know the price range you can afford. Even more importantly, you might want to sit down with a lender before you start house hunting to discuss your budget and determine what’s feasible.

From there, you’ll be sure to share your wish list with your real estate agent to communicate what you want in your next home clearly. Your agent will use that list to find the right homes to show you that are within your budget. Your list should give you clarity as you go on the hunt, so check in with it regularly as you search.

One of the most important things to remember is that your wish list won’t be like others’ lists. And that’s a good thing. We all have specific needs and wants. The more up-front you are about what you’re looking for, the happier you’ll be with the outcome.

Ready to start planning? The Jim Allen Group offers a wish list worksheet that you can use to start daydreaming about your next home. Get in touch to request your worksheet today.

The Jim Allen Group provides access to information on this blog/website as a public service for educational purposes only. Although reasonable efforts have been made to ensure that all of the information made available is current, accurate, and complete…[read more]