Step 3: Creating Your Real Estate Wish List

You've found a realtor, and you know how much you can afford since you've been pre-approved for a mortgage. With this info, you're ready to move on to the next step. Today, we're going to look at Step 3 in the 10 Steps of the Home Buying Process: Creating Your Real Estate Wishlist.

Making your wishlist is one of the most important steps of the home buying process. This is where you think about the features you want and need in a home. As you make your wishlist, make sure to ask your realtor questions, as they can help keep your list realistic and grounded.

When creating your wishlist, start with the basics. Break aspects of the home into three main categories: I need this, I want this and I don't care.

Location

First, consider location. Most cities have a wide variety of neighbourhoods, and they may have significant differences in average prices you'll find in each. Take into account location in regards to schools, shops, public transportation, health and fitness centers, etc. Or whatever is most relevant to you.

You can adjust your list based on what you want to avoid as well. For example, some people might have had it bad with noisy neighbours in the past. If that's the case, then it might be useful to look for a part of town that is more quiet or a home that has features that dampen noise.

Home Type

Next, consider the type of home you want. Are you a first-time homebuyer looking for a starter home? Then maybe a smaller townhome would be a good fit. Do you have a big boisterous family who needs space? Then maybe a detached single-family home is what you need. Are you a bachelor or bachelorette looking to home hack? Then maybe a duplex or triplex is what you need.

Features

Consider the number of floors you want, the amount of accessibility you’ll need, square footage, bed and bathroom count, ensuites or walk-in closets, garages or sheds, sprinkler systems, security systems, a pool or hot tub, fireplace, finished basement and more.

Moving On

With all this info, we can finally move on to Step 4 where your realtor can set up alerts and notifications when a listing that meets your criteria appears.