What to Include on Your Homebuying Wishlist

Buying a home is one of the biggest financial and personal decisions you’ll make, and having a clear vision of what you want can make the process less overwhelming. By carefully curating a detailed homebuying wishlist and understanding the distinction between necessities and luxuries, you pave the way for a more focused and fulfilling home search experience. Here’s how to build a wishlist that balances your budget, lifestyle, and long-term goals.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

5 Things to Consider For Your Dream Home Wishlist

• Split your wishlist into two lists: deal-breaker “needs” and nice-to-have “wants.”
• Prioritize needs like price, size, and location first.
• After that, prioritize features that are expensive to retrofit, like new home systems.
• When looking at a particular home, consider future resale value and whether you can feasibly add missing features from your “wants” list.
• If you’re buying in a seller’s market, be prepared to make more compromises on wants.

Needs vs. Wants

Finding a move-in ready home within your budget that ticks every single box on your wishlist is like finding a unicorn: don’t expect it. After you’ve brainstormed every feature you want in your dream home, you’ll need to prioritize.

Identify your absolute needs, such as the number of bedrooms and bathrooms required for household members, an upper limit on your budget, and a maximum commute distance. These are deal-breaker items and things you can’t feasibly change after the fact. Other things that could make it onto the “needs” list might include items like:

• No stairs
• Good natural lighting
• Direction the home faces (relevant for weather and light)
• Number of parking spaces
• Yard/Lot size

Conversely, wants might include features like walk-in closets, energy-efficient appliances, hardwood floors, a pool, or a gas fireplace.

However, different homebuyers will consider different features to be non-negotiable. It’s entirely up to you whether you can stand to give up a specific home style or a spacious and updated kitchen if you find a home in the right location at the right price. Some homebuyers are comfortable buying a fixer-upper to upgrade into their dream home, while others only want to look at move-in-ready homes.

Some home features straddle the line of need and want—for example, is having a garage a need or a want? It may not be strictly necessary, but it can be difficult to build later. Just be aware that the more items you have on the “needs” list, the longer it will likely take you to find a home that fits.

Prioritizing your wishlist by importance can streamline the search process, help you compare homes against each other, and keep you from getting sidetracked by unnecessary amenities.

Communicating these preferences clearly with your real estate agent will also lead to more tailored recommendations and a smoother search process.

Home Size

When it comes to home size, buyers must carefully evaluate their requirements. The number of bedrooms and bathrooms, outdoor spaces like a backyard or balcony, the size of the kitchen and living areas, and storage space are aspects to consider.

You may also want to consider how a home might accommodate future family members. Evaluate the potential for adding bedrooms, bathrooms, or floors. Consider whether there’s room to add an ADU. Understanding how the home's size aligns with your lifestyle needs and potential growth is key.

Beyond the number of bedrooms and bathrooms, it can be hard to get a feel for how big a home is based on the number of square feet on a listing. Is 1,200 square feet too small? Is 3,000 feet excessive? For a place to start, find out how many square feet your current residence is and work from there. It can also help to look at sample floorplans online to get an idea of the range you’re looking for.

Home Location

There’s a reason for the “location, location, location” adage: since you can’t change where your home is located after the fact, many consider it the most important aspect of a home.

Evaluate the proximity to amenities, commute times, schools, and the overall feel of the neighbourhood any given home is in. These factors can greatly impact your daily life and overall satisfaction with your new home.

Proximity to Amenities

When choosing a home location, evaluating the convenience of access to services and facilities is important. Being close to grocery stores, pharmacies, healthcare facilities, and recreational areas can greatly enhance one's quality of life. Being within a few minutes’ drive—or even within walking distance—saves time and effort, making daily tasks more manageable and enjoyable.

Additionally, proximity to schools, parks, restaurants, and shopping centres can contribute to a vibrant community experience. When creating your homebuying wishlist, consider which amenities and services you want to have close by.

Commute

The daily commute significantly impacts quality of life for working adults. Therefore, consider the commute to work or other frequent destinations when creating a homebuying wishlist.

A shorter commute leads to more free time, less stress, and reduced transportation expenses. Proximity to public transportation options or major highways can also impact daily travel convenience.

Additionally, evaluating the traffic patterns during peak hours and the overall ease of access to main roads is essential. Even small factors such as which side of the road a potential neighbourhood is on can sometimes affect how easy it is to get to work.

Schools

Local school quality plays a key role in how desirable homes are—even for homebuyers without school-age children. Potential buyers should research individual schools when looking for a new home. Speaking with residents about school quality and researching information about the school district can provide valuable insights.

Find out which schools a potential new home is zoned for and look for reviews of all of them. Even if you aren’t planning on being directly involved with the schools, their desirability will affect your future resale value.

Neighbourhood

Look beyond your potential new home to the homes and neighbourhoods surrounding it. Safety is a common priority, so evaluate crime rates and overall neighbourhood security. Potential property value appreciation, noise levels, traffic patterns, and nearby amenities like parks or grocery stores should also be considered. Families often look for child-friendly neighbourhoods with good schools, quiet streets, and nearby parks.

Find out more about the immediate neighbours if you can. Is there a known neighbourhood nuisance? If there’s a community association, what are the current residents’ experiences with it? How tight-knit is the community?

Only thinking about the house itself is a common homebuying mistake. Researching different areas, exploring neighbourhoods firsthand, and checking school reputations are proactive steps to ensure your chosen neighbourhood aligns with your needs and lifestyle. 

Home Systems

Understanding home systems helps ensure a comfortable and functional living space. Home systems encompass the essential components that keep a house running smoothly. Buyers should prioritize features like the HVAC system, roof, plumbing, electrical wiring, and insulation. Ask the seller for information, and then verify with a home inspection if you put in an offer.

A well-maintained HVAC system ensures proper heating and cooling throughout the year. Adequate plumbing is essential for water supply and drainage, while updated electrical wiring enhances safety and efficiency. Good insulation helps regulate indoor temperature and reduce energy costs.

Buyers should also consider the age and condition of these systems, as older systems may require more frequent repairs or upgrades—to say nothing of looming replacement costs. Buyers can ensure a comfortable and worry-free living experience in their new home by focusing on these foundational elements.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

Include What Matters Most on Your Homebuying Wishlist

Creating a homebuying wishlist that prioritizes needs and wants goes a long way in helping you find the ideal property. By distinguishing between non-negotiable requirements and nice-to-have features, homebuyers can streamline their search and more easily find a home that aligns with their lifestyle and future goals.