One of the most important steps when beginning your home search is to create a wishlist. This is composed of a variety of aspects that a person is looking for in their next home. In 2021, a typical home wish list may include granite kitchen countertops, a 2-car garage, a large backyard, wood floors, a certain number of bedrooms or bathrooms, and so forth. While it is easy to create a list of things that you would like to have in a home, it can be challenging to separate your needs versus wants in your home search.
What is important to you?
It can oftentimes be impossible to find a home that checks off every single box. When you are seriously considering your “must haves” in your next home you need to think long and hard about what is most important to you. While its true you will likely have to sacrifice some wants, you should stand your ground and not compromise on the aspects that are most important to you.
Are you willing to wait it out?
Buyers today need to realize that in a limited market they are unlikely to get exactly what they are looking for in their next home. With this, a buyer needs to understand the longer list of needs or wants, the more you are putting yourself in a corner with your home search. In a sellers market, you may need to temper your expectations with your home search if you are serious about purchasing a home.
Have you considered ranking your needs?
Once you have separated your needs from your wants, it is helpful to rank your needs from most important to least important. By ranking your needs, you can make quicker decisions during your home search. For example, you may find yourself in a bidding war and based and having this ranked list may be helpful on whether the home is worth spending more for.
