Wishlist vs Reality: Navigating Home Buying Tradeoffs

Homebuying wish list are more important, this guide will help you identify wants vs needs.

November 16, 2023

We all have this fantasy wish-list for our dream home, right? Ocean views, a walk-in closet the size of a small country, and a kitchen that Gordon Ramsay would approve of. Reality check – we might not all be living in a movie set. Jot down your non-negotiables and what you'd love to have if unicorns were real, then get ready to make some compromises. It's like online shopping; sometimes, you gotta let go of the sparkly shoes because they're just not practical for everyday life.

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Defining Your Must-Haves

First, outline what you absolutely NEED in a home. This keeps your search grounded in reality. We're talking deal breakers like:

Location: Where do you need to live for an acceptable commute time to work/school? How about proximity to transit, parks, cultural amenities? Neighborhood pace and safety levels?

Affordability: Map out your monthly and long-term budget ranges for rent/mortgage payments plus taxes, insurance, utilities, and maintenance costs. Remember lifestyle expenses too.

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