For anyone getting ready to purchase a home, I highly recommend sitting down and making a list of wants and needs. It is a very simple and very valuable exercise. You start with a piece of paper, draw a line down the middle, and then put “Wants” on one side, and “Needs” on the other.
Needs are going to be all of the characteristics of the home and neighborhood that are neccesities and are not negotiable. For example, a home buyer with dogs, might have a fenced yard as a need. A family with kids may have 3 bedrooms as minimum need.
Once you have listed all the features that are absolute necessities, then it is time to make your wish list. This is where you have an opportunity to list all the features that would be nice to have but could live without if the home met all your needs and some other of your wants. For example, a buyer may have a two car garage on their wish list, but could live with a one car garage or sufficient storage of some kind. Many buyers in Santa Cruz want to be walking distance to the beach, but it is not a need. Once the wish list is complete, then you need to go back through the list and priorotize each item in order of importance.
Once the list is done, and you are pre-approved for a loan it is time to go house hunting. I recommend looking at as many homes as possible that are in your price range and meet all of your basic needs. Unless you have the time and money for major remodeling or additions, there is no need to see homes that do not meet your basic needs. After looking at properties, you should review your Wants vs. Needs list and decide if any revisions are needed.
If you would like help putting your list together, contact me and I will be happy to sit down with you and guide you through the process.
