Tips to Create a Realistic First Home Wish List

I love to watch the reality house shopping reality shows like Property Virgins and House Hunters. The prospective homebuyers always come to the table so hopeful and with a long list of must-haves. Yes, when dreaming of a first home the options are endless: an oasis backyard, a spa master suite, or a gourmet kitchen. No two first-time home buyers share the same wish. However, the often do share the same reality: it is not always possible to find a first home with everything.

With that in mind, buyers must decide what items on their wish list are “must-haves” and what items are just “nice-to-haves.”

Here are a few tips to help first-time homebuyers determine what they will need in a new home verse. what is nice to have.

Know your budget: The first step to creating a list of “must-haves” is to be realistic about what is affordable. Here’s where buyers should enlist a local real estate agent. A good realtor can recommend several lenders who can get the buyer “pre-qualified” and give them a realistic price range. Buyers without that knowledge are just as likely to aim for not enough house as they are to aim for too much house. With a realistic target in hand, the agent can help buyers find homes within their price range.

Decide where you want to live. A short commute to work, proximity to family or having easy access to highways and mass transit are often “must-haves” for some buyers. Depending on the market values in the given location, first-time buyers may find that some home amenities just may not be possible. For example, if a buyer has to live close to work in a large city‘ downtown area, they may have consider a condo crossing off a garage from their wish list. Or they might not be able to find the number of bedrooms and baths they desire.

In my experience as a North Texas realtor, this is the one must that often sinks to the bottom of the list, especially in North Texas where commuting is way of life.

Determine non-negotiable accommodations. This should top any buyer’s list. A comfortable place for everyone in the family is always a “must have.” For a family of four, three bedrooms may be non-negotiable. For a family with grandparents living at home, an extra bedroom on the first floor may also be non-negotiable. After determining the budget, the most important factor is that everyone living in the home has a comfortable place to stay.

Pick a lifestyle fit. Next comes the size and amenities of the spaces. That translates to lifestyle. For example, buyers who love to cook and entertain may want a home with a gourmet kitchen and decide to forego a large master bedroom. Or, buyers who love to spend time outdoors may compromise on square footage in exchange for a big backyard. People who want to live in the country may have to consider a manufactured home on acreage. That’s especially common in North Texas.

Have a vision: When looking at a first home, buyers should look past decorations, paint or flooring that may not fit their taste. Paint is cheap and flooring is an easy fix. In the end, most buyers want to decorate their own to fit there tastes anyway. If everything else about the home works, then cosmetic issues are always worth compromising on.

And finally, I remind first-time home buyers that their first home is just that, a first home. There will likely be multiple home purchases in their future. If you can’t get everything you want in your first home, then there’s always the next time.