How to Create a Home Buying Wish List
Buying a home is a big decision that involves many factors. You want to find a home that suits your needs, preferences, lifestyle and budget. But how do you know what to look for in a potential home? That’s where a home buying wish list comes in handy.
A home buying wish list is a document that lists the features and characteristics that you want and need in your future home. It helps you prioritize your wants and needs, communicate with your real estate agent, and compare different properties. A home buying wish list can also save you time and energy by narrowing down your search and avoiding distractions.
But how do you create a home buying wish list? Here are some steps to follow:
- Identify your needs vs. wants. Needs are features that are essential for your comfort, safety, and functionality. Wants are features that are desirable but not deal-breakers. For example, you may need a certain number of bedrooms and bathrooms, but want a fireplace or a pool. You can use a table or a spreadsheet to organize your needs and wants into categories such as location, size, style, amenities, etc.
- Do some research. Browse online listings, visit open houses, check out different neighborhoods, and get a feel for what’s available in your market. You may discover new features that you like or dislike, or adjust your expectations based on your budget. You can also get inspiration from online sources such as Zillow, Weichert, or Rocket Homes.
- Be realistic and flexible. While it’s good to have a clear idea of what you want in a home, you also need to be open to compromise. You may not find a home that has everything on your wish list, or you may have to make trade-offs between different features. For example, you may have to choose between a larger home in a less desirable location, or a smaller home in a more convenient area. Or you may have to decide whether to buy a move-in ready home or a fixer-upper that needs some work.
- Review and update your wish list. As you go through the home buying process, you may find that your priorities change or that new factors come into play. For example, you may get pre-approved for a loan and have a better idea of how much you can afford. Or you may find out that the market is very competitive and that you have to act fast when you see a home you like. Or you may simply change your mind about some features after seeing them in person. That’s why it’s important to review and update your wish list regularly and share it with your real estate agent.
A home buying wish list is a useful tool that can help you find your dream home faster and easier. By following these steps, you can create a wish list that reflects your needs and wants, and guides you through the home buying journey.