By: Front Door Real Estate

A Buyer's Wish List Vs. Reality

Tags: homebuyers, budget, wants and needs, Edmonton real estate

Every potential homebuyer has a list of things they would love to see in their new home, but they are also often aware of their odds (if they can or cannot find/afford what they are looking for). Many homebuyers have to compromise and separate their wishes from their actual needs. One may dream about having a pool in the backyard, but would it really pay off in a neighborhood where pools are uncommon or where one doesn't have the needed extra cash for pool maintenance. The buyer's budget usually dictates the price range, and if it's lower than expected, buyers tend to make it work with the budget they have, which of course means giving up on certain features. There is a fine line between wants and needs, and every buyer needs to know where that line is. Here is how to tell your wishes and needs apart:

Priorities
Look around where you currently live and try to identify what annoys you the most to make a list of your must-haves. Maybe you don't have a balcony and you are dying to have one or you really feel that two bathrooms would make your life easier. Either way, determine which features would be really useful and improve the quality of your and your family’s life in the new home.

Changeable and unchangeable features
When buyers really fall for a home, they tend to ignore certain shortcomings, and while it's totally fine to close an eye to scratched floors or worn-out furniture, it's not recommended to go for a home with a roof leakage or a poor foundation. Buyers need to be honest with themselves and realistically assess what is worth a compromise, especially when it comes to features they cannot change, e.g., location, foundation, etc. If you fall for a condo on the 6th floor without an elevator, you should carefully consider how it will affect you daily and how many times you would have to walk up and down in a day and if it would bother you.

Recognize homes with huge potential
Make sure not to miss out on a great home just because you are not thrilled with it at first sight. It's important to be able to recognize a home's potential even when it's dusty, over-cluttered or poorly styled. Try to ignore a filthy carpet or hideous furniture if the home is of the right size, in the right location and has a perfect layout.

Don’t put your hopes up before seeing the home in person
There are many perfect ads which make the homes look flawless in the photos, but don’t get too attached before actually visiting the home. Sellers sometimes embellish the description, so you may find out that the doors are not in the best condition or that the home is somewhat further away from downtown than stated in the ad. Home showings will confirm if the ad matches the truth. When you find the perfect home for you, make sure the home is in line with your long-term plans and future needs.