You’ve probably dreamt of your dream home your entire life, but when you became an adult, your dreams changed and so did your home-buying expectations. While getting everything you want in a home is fantastic, it is not always realistic, especially if you are a first-time homebuyer. Rather than creating a wish list of all the fabulous finishes and design touches you want, create a must-have list of what you actually need. The wants are truly just nice to have and can come later when you have a larger budget.
Location
Location is truly not just a wish, it is a need. Where you live impacts almost everything in your life, including:
- Time spent getting to work
- Where your children go to school
- Who you socialize with
- What sort of organizations you attend
- Where you shop
Put together a list of amenities you want to have within walking and/or driving distance (i.e., a church, park, school, community centre) and give it to your real estate professional. You’ll also need to decide on urban, rural or suburban and match relevant neighbourhoods with your budget.
Size of home
While your budget and location will inevitably dictate your square footage, you know what size of home you can comfortably live in. You can definitely ask for a four-bedroom home with a dining room and work with your budget and location (for example, living farther north of the city) in order to get it. Compromising on the size of your home will inevitably lead to buyer remorse and see you selling in a few years, especially if your family is still growing.
Condition of the home
While many homebuyers specify move-in ready, the definition of this can be versatile. Basically, if you don’t have the budget or time for renovations, you definitely don’t want a fixer-upper. But, there will almost always be small fixes and aesthetic concerns that you can fix over time. Asking for a completely renovated or updated home may be a tall order is only a wish and not a must-have for the list. You do generally want to find a home that suits your taste, as you could be living with it for a number of years before you get to changing it. Look for a home that is solid structurally and won’t need any major updates or repairs in the first few years (i.e., the roof or furnace).
Lot size
If there is one thing you can’t change about your new home, it is the size of the lot. If you know you want a large lot, don’t compromise on this fact. But, knowing that you may have to sacrifice on the age of the home (older homes may have larger lots) or your location (going further outside the city to get more land), you’ll have to make a decision on what’s the most important must-have for you.
If you need help creating that must-have list, my door is always open.
Leave a Reply