Creating the New Home Wish List

What do you need in a new home?  What is on your home wish list?  When shopping for a new home, it’s important to have a clear picture of both your housing needs and housing wants and to know the differences between them.

You’ve done your “home work.” You are prepared and informed about your preferred housing market. You have a handle on your finances. You have become prequalified for a home mortgage. You know the difference between a traditional real estate agency and a buyer’s agency. You have interviewed several real estate agents and have either chosen one to represent you exclusively as a home buyer or are about to do so.

One last important thing you need to do before you actually start pounding the pavement is to identify your particular housing wants and housing needs and distinguish between them. Part of that process is deciding what kind of new home would be best for you at this point in your life. There are several housing options, of course, from single-family homes, to condominiums to townhouses and there are several variables within each of these categories.

Examples of housing NEEDS:

• Enough room (square footage) to live comfortably.
• Enough bedrooms and bathrooms to adequately accommodate your family.
• A functional-enough kitchen to handle your family’s dining patterns.
• Adequate storage space.
• Adequate lot size, especially if you have children.
• Adequate modifications to address physical needs, such as a ramp or a wide door opening for a handicapped person.
• A floor plan that accommodates particular needs (such as a single-story home for health reasons or a split floor plan that separates bedrooms from living areas).
• Easy access to work and/or specific schools.

Examples of housing WANTS:

• An unusual or breathtaking view, such as a waterfront property.
• Specific architectural elements (exterior and interior).
• Colors of exterior, interior, roof, trim, carpet, appliances, etc.
• Pool, jacuzzi or spa and other “back yard” upgrades such as an outdoor kitchen.
• Custom upgrades such as parquet or hardwood flooring, crown moldings, wall sconces, built-in bookcases or built-in entertainment center, etc.
• Special windows (such as bay windows or floor-to-ceiling windows) or custom window treatments.
• Skylights or other alternative lighting sources such as chandeliers, brass lighting fixtures, etc.
• Specific brands, types or finishes of home appliances.

This helpful worksheet that can help home buyers decide which items go in the needs column and which items go on the wish list.

Obviously, your home budget will determine whether you can have all of your needs and how many of the items on your “wanted” list are attainable in the short and long term. And remember, most items you ultimately move to your “wanted” list can always be added down the road.  

Taking the time to complete this exercise will help home buyers to keep focused on what they need and would like to have in a new home.  The home search will be a much more productive experience, and buyers may ultimately find a great new home that they may have otherwise dismissed. 

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