How to Make a Home-Buying Wish List

A home-buying wish list may sound a little like a goal board where Bearspaw home buyers imagine everything from a fireplace in the bedroom to a full-fledged coffee shop in the basement. But a real wish list is a little more practical than that. It's about carving out necessities to guide buyers while they explore different neighborhoods and home styles.

Questions to Ask

Here are a few questions for all buyers to consider as they map out their list:

• What's the ideal age of the home?
• How far will children have to travel for school?
• What architectural styles fit the family's lifestyle (e.g., avoiding stairs for younger children)?
• Should the home be close to a major freeway or public transit?
• How much maintenance work will the buyers be able to do?

Ultimately, it's the lender who will determine how much home buyers can afford, but this doesn't mean there's no wiggle room to work within. From block to block, buyers may find a wide variety of potential homes in Canada that fit in their budget.

The Little Luxuries

A wish list can also include a few ideal qualities of the home. For example, a couple may not strictly need two bathrooms, but they may want two (especially if they plan to have children in the next few years). Buyers should also consider whether they want a formal dining space, yard, plush carpeting, or central air. These details can also remind buyers of the challenges surrounding a new space. For example, during the moving process, will all the furniture fit into the doorways? If not, the buyers need to consider if they're willing to purchase a new bed, couch, etc.

Seeing the Deal-Breakers

Not all homeowners have the opportunity to be picky when it comes to their wish list, but everyone has the right to refuse a property that doesn't meet their expectations. When creating the wish list, homeowners will start to narrow down what is and isn't negotiable. As rudimentary as this sounds, it's not uncommon for buyers to purchase homes they later regret.

A home-buying wish list is all about forcing buyers to get serious about what they want out of a property. And it's recommended to all potential homeowners—not just the first-timers. This can help buyers be clear with their real estate agent too, which can make the process smoother for everyone.