Identify Needs and Wants
Another common mistake by homebuyers is not having a clear idea of their needs and wants. Why is this important do you think? You don’t want to waste your time and you need to know if your needs and wants are in line with your resources and finances.
Start by listing specifics:
- What do we need?
- What do we want ?
- What features are a plus?
- What features are a minus?
The basics:
- How many bedrooms?
- How many bathrooms?
- How many car garage?
- What style of home?
- What general location?
- What age of home?
Specific features:
- Swimming pool
- Fenced Yard
- Fireplace
- Finished basement
- Air conditioning
- Hardwood floors
- Porch or deck
- Den / Office
- Waterfront
- Lot size
Other Considerations:
- List “why” a particular feature is important to you - Example: Bedroom vs. Den - Want 4 bedrooms using 1 as a den/office - So a 3 bedroom w/den-office works also.
- Don’t be too restrictive. Keep options open. Stay flexible - Example: Would like a garage (you could build one); Would like ½ bath on 1st floor (could add one).
- Separate needs from wants - You may want a 2 ½ car garage but only need a 1 ½ car garage.
- Couples should do individual lists and then come together to compare them - Need clear communication early in the process so arguments don’t occur later.