After your lending is in order you can set out on your search. Print out this Needs and Wants worksheet and you can begin to prioritize what is important to you in your next home.
Things to think about …
What works about your current space?
What doesn’t work?
As your life changes, what might become important to you down the road?
Choose your top 5 needs and put an “N” next to them. Designate up to 5 wants with a “W”. If there is something you absolutely don’t want, put a “D”.
Within your top five Needs and Wants you could then prioritize them with a 1 – 5 level of importance: 1 being most important, 5 being possibly an area you might concede if you get 1 – 4 in a package you are absolutely in love with.
If you are shopping with a spouse, partner or co-investor, sharing this list is an important exercise in establishing a method for decision making. Once you spend some time looking at homes, no doubt your list may change a bit. I know for myself back in the 80’s when I bought my house I forfeited all my criteria when I found a home in a killer location for a good price. I knew it was possible to still get my criteria with sweat equity and although I couldn’t change the sloping street/sidewalk to the “level street” I had on my criteria, I was super happy with the large, private, level backyard that came with the house.