Making a List, Checking it Twice

December 04, 2018

The homebuying process can be a lot to handle—just like the holiday season. In both, you likely have a mile-long to-do list and are trying to stick to a budget. As you begin to make your holiday wish list, you might also consider creating a homebuying wish list.

Putting pen to paper will help you visualize "wants" compared to "needs" and which of those "wants" are reasonable to look for. It will also help you prioritize. For example, you may want to walk to work in the city, but also want a large yard and no traffic. See the paradox? This is normal!

When making your homebuyer wish list, ask yourself specific daily lifestyle questions that will help you rank items in order of importance. For example:

  • Can you work from home? What type of workspace will be required for that?
  • Is a garage a necessity? How many spaces do you need?
  • Do you have the time/money to care for a yard or do you prefer a low maintenance home?

Once you're finished with your list, you'll be able to decide what elements of a potential home are must-haves as opposed to which are nice-to-haves.

Bottom line: You are going to have to make some tradeoffs, but knowing what you want and what you can afford will help you and your agent narrow in on the perfect house.

Here are some ways to start thinking about your wish list:

For more information on the homebuying process, visit My Home by Freddie Mac®.