Lesson 3 Creating Your Must-Have vs Wants List: Your Blueprint for Smart Home Shopping
Welcome to your essential guide for creating a roadmap that will save you time, money, and heartache during your house hunting journey. This simple exercise will become your North Star, keeping you focused on what truly matters to you and your family.
Why This List Will Change Your Life
Without a clear Must-Have vs Wants list, you'll fall into what I call the "shiny object syndrome." You'll see a gorgeous kitchen and suddenly convince yourself you can live with only one bathroom. You'll fall in love with a pool and forget that you specifically needed to be in a certain school district.
Prevents Buyer Fatigue
When you know what you're looking for, the search feels more focused and less overwhelming. You won't waste time looking at houses that don't meet your basic requirements.
Speeds Up Decision Making
When you find a house that checks all your must-have boxes, you can act quickly and with confidence, reducing the chance of losing your dream home.
Reduces Regret
You're making logical decisions based on predetermined criteria, not emotional impulses, which leads to greater satisfaction with your purchase.
Must-Haves vs Wants: Drawing the Line
Your Must-Haves are non-negotiable. These are the things that if a house doesn't have them, you don't even bother looking. They're about function and necessity.
For example: "We need at least 3 bedrooms because we have two kids and need a home office."
Your Wants are the nice-to-haves – things that would make you happy but aren't deal-breakers if they're missing. They're about preference and aesthetics.
For example: "It would be nice to have granite countertops, but we could always upgrade later."
The Golden Rule
Buy the biggest house you can comfortably afford, so you can grow into it rather than out of it. Life changes. Kids grow up and need their own space. You might start working from home. It's much easier and more cost-effective to have that extra space from the beginning.
The Three L's: Your Foundation
Before we get into specific features, understand what I call the Three L's: Location, Layout, and Lot size. These are the things you generally can't change about a property, so we need to get these right first.
Location
You can update a kitchen, you can renovate bathrooms, but you can't move your house to a different neighborhood or school district. Location is everything in real estate.
Layout
Does the house flow for how your family lives? You can knock down some walls, but you can't completely reconfigure the bones of the house without major expense.
Lot Size
Determines your outdoor space, privacy, and future expansion possibilities. You can landscape creatively, but you can't make your lot bigger.
Long Island Must-Haves: The Local Reality Check
School Districts
Is a specific school district non-negotiable for you? Some parents will sacrifice everything else to get into the right district. Be prepared to pay the premium that comes with top-rated schools.
Commute Considerations
Do you need to be within a 15-minute drive of an LIRR station? Factor in not just distance, but traffic patterns and parking availability for your daily commute.
Flood Zones
Does the home need to be out of a flood zone? With our proximity to water and recent weather events, this affects your insurance costs and peace of mind.
Public Utilities vs Private Systems
Do you want public water and sewer, or are you okay with a well and septic system? Each has pros and cons in terms of monthly bills and maintenance responsibility.
Building Your Must-Have List: The Practical Stuff
Size and Space Requirements
- How many bedrooms do you absolutely need?
- How many bathrooms are non-negotiable?
- Do you need a basement for storage or extra living space?
- Is a garage essential, or can you live with a driveway?
Mechanical Systems
- Gas vs oil heating - do you have a strong preference?
- Central air conditioning - is this a must in our humid summers?
- Updated electrical systems - especially important in older homes
Outdoor Space
- Do you need a yard for kids, pets, or gardening?
- Is a pool a must-have for your family's lifestyle?
Accessibility and Future Needs
- Do you need single-floor living for mobility reasons?
- Are you planning for aging in place?
Future-Proofing Your List: Think 5-10 Years Ahead
Here's where strategic thinking comes in. Think about your 5-10 year plan when creating this list.
Family Growth
Are you planning to have more children? That extra bedroom might move from the wants list to the must-haves list.
Career Changes
Are you thinking about starting a business or working from home more? A home office or flexible space might become essential.
Aging Parents
Do you have aging parents who might need to live with you? Consider a first-floor bedroom and bathroom, or potential for an in-law suite.
Pets
Are you thinking about getting pets? That fenced yard might become more important than you initially thought.
The goal is to find a home that can grow and adapt with your changing life, not one you'll outgrow in a few years.
Age and Condition: The Reality Check
The Move-In Ready Route
These homes are beautiful, everything works, and you can unpack and start living immediately. The trade-off? You're paying top dollar, and someone else made all the design choices.
The Fixer-Upper Route
These homes in great locations can offer excellent value, but they require vision, patience, and extra budget for improvements. The upside? You can customize everything to your taste and potentially build equity.
The Sweet Spot
Look for homes that are structurally sound and have updated major systems (roof, heating, electrical, plumbing) but might need cosmetic updates. You get a solid foundation without paying for someone else's taste in tile.
Understanding Trade-offs: The Strategic Mindset
Every decision in real estate involves trade-offs. Understanding these helps you make informed decisions rather than emotional ones.
Remember: You will likely not get everything on both your must-have and wants lists, especially in your price range. This is where ranking becomes crucial. Know which compromises you can live with and which ones you absolutely cannot.
Creating Your Lists: A Step-by-Step Approach
Brainstorm Everything
Don't edit yourself yet – just get all your desires down on paper.
Categorize Each Item
Determine if each item is a must-have or a want based on your needs.
Rank by Importance
Within each category, rank items by their importance to you.
Consider Your Budget
Some wants might need to be sacrificed if budget is tight.
Think About Timeline
What do you need now versus what you could add later?
Get Family Input
Ensure everyone who will be living in the home has input.
Review and Refine
As you start looking at homes, be willing to adjust your lists based on what you learn.
Remember, buying a home is probably the biggest purchase you'll ever make. Taking the time to clearly define what you need versus what you want isn't just helpful – it's essential. A clear vision leads to a clear path to finding your perfect home!
Licensed Associate Real Estate Broker/ Director of Operations
Notary Public, Retired N.Y.P.D. Lt., U.S. Air Force Veteran
Vintage American Realty LLC.
1551 Montauk Hwy. Suite E
Oakdale, NY 11769
631-682-8660