If you have plans to buy another property (or two) as you move towards your eventual dream home, now may be the best time to make a list of your wants, needs and must haves in your future homes. If you take the time now to start these lists, it can make future decision making easier. More importantly, without a list, how will you know when you have found the right house?
I separate the list into the three categories, as some options are non-negotiable and become must haves. These could range from a walk in closet, to a requirement for four bedrooms or even a kitchen island. Then there are needs, like a gas stove, guest room(s) or possibly a finished basement. Finally, there are the wants. These could be things like multi-headed ensuite shower, theatre rooms or even triple garages.
There are no hard and fast rules for any of these categories and what may be a want for one family is a must have for another. Also, many wants and needs may be added to the property later. In the case of a gas stove or a finished basement, it could be the matter of just spending more after you have purchased your home and budgeting for the expense. However, it can be much harder to add a walk in closet or triple garage to a property, so be sure to distinguish how important items are for you.
To add to your list of items you are looking for in your home, you may also want to include a list of items that rule a house unacceptable to you. Obvious ones are less than three bedrooms if you are a family of four, but less obvious issues may include a single sink in the ensuite or perhaps a laundry room on the upper level of the home. Perhaps the direction the backyard faces would render a property unacceptable to you
