Buying a home can be challenging. After all, there are many steps, tasks, and requirements, and you may be anxious about making an expensive mistake.

To clarify the process, so you can get the most out of your purchase, here is a rundown of what to consider before you buy, and what you can expect from the homebuying process itself. Plus, tips to make life easier after buying your home.

Why to Make a List of Wants & Needs Before Buying a House

Creating a list of wants and needs will save you plenty of time in the long run when you won’t have to bother looking at houses that don’t “fit.”
It allows you to think about the investment with your head, not your heart.
Gets all the buyers involved on the same page, eliminating unnecessary stress and arguments.
When your budget meets reality, you can make the best decision for you.
Allows you to act quickly and confidently when the right home comes along.

Making a list of wants and needs will help not only you, but your real estate agent, helping them find the perfect home for you more easily.

Tips for Making a List of Wants & Needs

Make sure your list of wants and needs is a good mix. It should be roughly around ⅓ needs and ⅔ wants. Put needs at the top, then try to prioritize your list of wants in order of importance so that it’s easier to start crossing them off with every house you look at.

“Needs” When Buying a House

A need is something that you absolutely have to have when purchasing a home. If the property doesn’t fit with these needs, then it’s a dealbreaker, and you won’t pursue the property anymore. Some needs to consider are budget, location, and space.

Budget

Always have a budget ready before you start your home search. Only look at homes that fall within your price range; otherwise, it’s a waste of time to even look at it. The first step should be seeing how much you qualify for a home mortgage from a lender. This is usually a combination of your household income, credit score, and total down payment.

Location

Consider the commute times of your job location and favourite spots you like to shop, eat, etc. Everyone has different priorities when it comes to location but choose the best option for you.

Space

Always consider the space you will need currently and in future within your new home. Decide on what kind of property you want. For example do you want lowm-aintenance? choose a condo. For a yard, you’ll need a house. For a combo of both, a townhouse may be ideal. And if you need extra income, consider property with a legal suite.

You’ll also want to think about how long you plan to live in the new house, while also considering future plans—kids, hobbies, etc. Consider the amount of bedrooms, bathrooms, entertaining spaces, and yard space that will suit your needs.

Example of a Needs Checklist:

Maximum price of $450,000
Minimum 4 bedrooms
Minimum 2 bathrooms
Must be in driving distance of 10 minutes to work
Finished basement for entertaining

“Wants” When Buying a House

A want is something that you would love to have in a home, but it won’t deter you from buying a house that doesn’t necessarily have it, since it can usually be easily changed in the future. Some wants to consider are amenities and aesthetics.

Amenities

Don’t confuse the amenities that you need withthe ones you want. For example, garage size, office space, and heating/cooling system could be in needs, while your wants might include a hot tub, sauna and extra entertaining spaces.

Aesthetics

The looks of a home can easily be updated—don’t overlook the perfect home that just needs a little bit of work. Things can always be changed or altered after purchase, such as paint colour, flooring, appliances, kitchen or bathroom updates.

Example of a Wants Checklist:

Double car heated garage
Fully finished basement
Large yard
Large kitchen with rectangular island
Quiet street

Once you have your list of homebuying needs and wants all ready to go, contact a local Saskatoon REALTOR® to help find your future property. Contact me today for more information!

FAQs

Why is it important to separate wants from needs when buying a home?

Distinguishing between wants and needs helps you stay focused, make practical decisions, and avoid overspending on features that don’t align with your lifestyle or budget.

What are some common “needs” for most homebuyers?

Typical needs include the right number of bedrooms and bathrooms, proximity to work or school, safe neighborhoods, and overall affordability.

Can a real estate agent help me define my wants and needs?

Yes, a qualified agent can guide you through the process by asking the right questions and helping you prioritize based on your goals and financial situation.

Should I compromise on some of my “wants”?

In most cases, yes. Being flexible on wants—like granite countertops or walk-in closets—can open up more home options that better meet your essential criteria.

Posted by Kent Braaten on June 3rd, 2022

Real Estate Blog