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Back to Buying
Create Your Wish List
Before you starting house-hunting, develop a NEEDS vs. WANTS list. Everyone has a picture of an ideal home. This would include all the features you not only need, but have long desired. However, when it comes time to buying a home, the desires cost more. While it's nice to think about having a beautifully landscaped backyard, or a solarium, perhaps even some built-in appliances, these are usually considered luxury items, which can add considerably to the price of your home.
That's why it's a good idea to develop a NEEDS and WANTS lists. With this list, begin with items you really need, like adequate space, garage and number of bedrooms. For most people, basic needs should be considered first. It is also important to think about how long the home will meet your needs, whether it's three or five years. After that, you could consider additional desires, if you can manage these benefits financially. With a list of priorities, you're less likely to be caught up in the excitement of the pursuit. You'll have a good idea of what you want, within you price range, and if you can afford those additional items.
In addition, be aware of your hidden costs. There is more to a home than simply the mortgage. You will be responsible for other items including mortgage insurance, appraisal fees, legal fees, inspection fees, transfer taxes, title insurance, inspections, etc. Your realtor can give you a good idea of the costs associated with buying a home that are beyond the final negotiated price of your home.
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