Revisiting Your Home Buying Needs Wants Checklist

Posted by Jerad Cox on Wednesday, May 13th, 2015 at 7:54am.

Home Buying Needs vs Wants

The great thing about a home buying needs/wants list is that it can be used at many phases of the home buying journey. One of those phases is the home selection phase. Now that you think you have the home you want to write an offer on, there may be a few lingering doubts. By looking back at your Needs & Wants checklist for concrete support of your gut instinct may be the deciding factor to help you decide to write an offer.

Two of the main reasons I like home buyers to have a needs/wants list to look back on is as a foundation for reference and to help set a property's value to you.

As a Foundation for Reference - Often a home buyer will begin to focus more on wants than needs once they start to look at homes in person. Sometimes the wants that they are liking aren't even on their original list! So it's important to make sure that have the original list as well as any revisions to your list to help remind home buyers as to what is important to them. I have had instances where home buyers were so excited about a home that they saw that they failed to remember that it didn't have the right number of bedrooms or bathrooms for them. After they want back to their checklist to see what was missing, they quickly realized that the home was perfect for them at their current phase of life rather than their future phase of life (which included children) and that they would've regretted the decision to buy in a few years.

To Help Set A Property's Value to You - This helps in the decision making process of whether or not to put an offer on a home, and at what price. If something has almost all of your needs and wants, then it can help propel your decision making. However, if there are some items off the list that aren't in a home, and would need to get done, it may influence whether you want to put an offer in and what your budget for a fair deal would be. I once had a client who needed a certain style of bathtub with jets in order to help with her therapy for a medical condition she had. She realized that finding a home with a need, but unlikely to be found in any home she saw. She had to make sure to budget the addition of the jetted tub into any home she liked to make sure that it still made sense to her.

The needs/want list is not set in stone, but what is called a 'living document' that can be changed depending on market conditions, showing feedback and changes to a home buyer's lifestyle needs and financial preferences. So don't fret if your original list evolves over time. On the other hand, if the home meets only a very few or none of the needs and wants on your list, it is a good time to take a step back. Don't let your emotions alone make such a huge decision for you!

The needs/wants checklist is a good form for home buyers to revisit throughout the buying process to help make the right decision for them!

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