For many, the homebuying process starts with the search. When your search area has countless listings, though, you’ll need to narrow down your options by creating a list of qualities your next home should have. Putting these qualities on paper will help your agent navigate listings and estimate price ranges that fit your budget. To help you avoid buyer’s remorse, here are five steps to follow when forming your real estate wish list.

How to Decide What to Look for in a Home 

1. Envision Space Requirements

A home should be big enough to keep your family comfortable but not so large that you’re paying for unused space. Think about your household size and figure out how many bedrooms and bathrooms the property should have. If you’re a first-time homebuyer who plans on building a family, you should increase the target number of bedrooms.

2. Estimate Future Costs  

Apart from forming a budget for your next home purchase, think about property features and how they may add to your future expenses. Buying a home with carpets, for instance, may leave you with high remodeling costs if you prefer hardwood floors. Many prospective buyers look for properties with energy-efficient solutions—such as solar panels or low-flow plumbing—to boost sustainability and decrease utility bills.

3. Consider Community  

Even if you find a perfect home, the neighborhood may not meet your family’s needs. That’s why it’s critical to look at the features of the surrounding area to see how it would benefit your daily life. Professionals may opt for locations that cut down on their work commute while new parents may focus on communities with good schools and accessible shopping.

4. Review Accessibility Needs

If you want to age in place or have family members with functional needs, your home should provide ample accessibility. Depending on these specific needs, you might look for real estate with wide doorways, anti-slip flooring, wall railings, and low cabinetry. It might also be more practical to live in a single-story home without stairs.

5. Differentiate Wants & Needs

Once you’ve listed all the characteristics of your dream home, classify each item as either a “need” or a “want.” A need is something essential that will play a role in making your daily life more comfortable.

A want is something that would be nice but not vital for your happiness. These distinctions can help you make compromises if you can’t find a home that checks off every item on the list.

Affording the items on your wish list is much more feasible when you have an affordable mortgage with reasonable terms. That’s why many homebuyers in Chattanooga, TN, turn to Kevin Currier - Loan Officer at CMG Financial - NMLS#1550600 for comprehensive home loan support. Taking a personalized approach, this lender will review your finances and real estate expectations to explore loan opportunities that best serve your budget—including conventional mortgages and FHA loans.  For more details on these services, visit this local mortgage advisor online or call (423) 991-0095.