Buying a home is one of the most significant financial investments and life decisions you’ll make. To ensure you find the perfect home that meets your lifestyle, preferences, and budget, it’s crucial to create a comprehensive wants and needs list. To stay within your budget you will need to identify what home features are required for your lifestyle (needs), and which are not, but would be nice to have (wants). The following criteria can be used to make this list, and will help you to filter through listings, streamline your home search, and make a final decision on your home purchase.
Making a List of Needs
- Location, Location, Location:
- Proximity to work, family, and amenities: Determine the neighbourhood or area of town that is convenient in terms of commuting to work, access to schools, grocery stores, family members, recreational areas, or any other place you visit or travel to often. If you do not have one specific location in mind, it can be helpful to set a criteria of commute time, e.g. I need to be within a 10 minute drive to work.
- Safety and neighborhood vibe: Understand what kind of neighbourhood will be consistent with your lifestyle. Are you looking for a community with young families, or something quieter with more retirees? Research the crime rates and overall safety of the area. Visit the neighborhood at different times to get a feel for its atmosphere.
- Home Style and Size:
- Number of bedrooms and bathrooms: Determine the ideal number of bedrooms and bathrooms based on your family size and future needs. Maybe you will need an extra room for a home office if you work from home.
- Floor plan: There are many different styles including bungalows, raised ranches, two-story’s, etc. Do you have a preference, and are there any accessibility requirements where stairs could be an issue? Would you like a home with an unfinished basement for potential future space?
- Outdoor Space:
- Yard size and fencing: Assess your need for outdoor space. Do you have children or pets that will need a fully fenced yard?
- Needed Work:
- Are you open to purchasing a home in need of some renovations to get it to its full potential? If so, what are you comfortable with? Are you comfortable painting and laying new flooring? Are you willing to take on a kitchen remodel project? This will help to determine if you should be looking at totally updated and renovated homes, or if you can take a look at homes that need some TLC.
- Parking:
- Driveway and garage: If you own a vehicle you will need to make sure there is proper parking available. If you have two vehicles, will you need a double driveway or covered parking in a carport or garage? This can be a deal breaker for some buyers.
Making a List of Wants
- Outdoor Features
- Pools and Patios: If you plan to spend a lot of time outside, a pool, covered porch, or backyard patio can be very nice amenities.
- Landscaping: It is always nice to purchase a home complete with immaculate gardens and landscaping. Sometimes taller trees can provide nice shade or privacy.
- Bonus Rooms:
- Primary Ensuite: having a bathroom off of your bedroom can be such a convenience, but is not common in older homes. Is this a feature you would like to have, or is there potential to put one in if you are okay with doing some major renovations?
- Walk-in-pantry: Many buyers are looking for ample storage space in their kitchens, and walk-in-pantries are becoming more popular in new construction homes.
- Luxury Finishes:
- Kitchen: Stone countertops, backsplashes, pendant lighting and newer high-end appliances can create a high-end feel in your kitchen and can be very nice to have to save you from renovations down the road.
- Fireplaces: A fireplace in a living room can be a statement piece and create a warm and cozy atmosphere in your home.
- Ceiling Height:
- More and more buyers are looking for homes with high ceiling height or special features like a cathedral ceiling or tray ceiling. Having high ceilings can really open and brighten up a space.
Crafting a wants and needs list is a vital step in the home-buying process. By carefully considering these criteria, you can prioritize your preferences, make informed decisions, and ultimately find a home that aligns with your lifestyle and financial goals. Only you know what home will be best for you, and remember that these criteria may change as you view homes and re-evaluate homes that are affordable given your budget.
If you are beginning to make a wants and needs list for your home purchasing journey, let me know if you found these tips helpful!
Megan Canniff
