Similar to the list you develop to purchase groceries, why not develop your own list of needs and wants in a new home. This doesn’t mean you can not have what you want in your home, but rather, that you have a priority list of the most important features. You may not be able to obtain all the “want” items on your list, within your budget. You may have to compromise on a few items to stay in line with your budget.
Home Buying Needs
When embarking on your lake home buying journey, it’s crucial to start by identifying your core needs which are the non-negotiable factors essential for your lake life experience and comfort.
Here are some fundamental needs to consider:
- Location – The location of your future lake home plays a pivotal role in your lifestyle routine. Consider proximity to work, schools, and essential services. If you own an electric vehicle, you might prioritize finding a home for sale with a car charger or easy access to charging stations.
- Budget – Determine a realistic budget encompassing your down payment, closing costs, and monthly mortgage payments. Stick to a budget that aligns with your financial capabilities to avoid overextending yourself.
- Property Type – Decide on the type of property that suits your lifestyle. Choices include lakefront homes, RV Resort Properties, lake access homes, or vacant land. Your needs may vary based on your family, budget, lifestyle choice, future goals, and personal preferences.
- Size and Layout – Assess your space requirements. How many bedrooms and bathrooms do you need? Is an open-concept layout important to you? Consider how your lake home’s size and layout will accommodate your family and daily activities.
- Safety and Security – Ensure the community and property are safe and secure. Research crime rates and inquire about security features like alarm systems or community patrols.
- Heating and Cooling – Homes for sale with a furnace or heating system are essential in Canada. A consideration may be lake homes for sale with a generator can be crucial in areas prone to power outages, ensuring you have backup power when needed.
- Amenities – Consider essential amenities that enhance your daily life, such as a reliable water supply, electricity, and access to the internet.
- Accessibility – Think about your mobility needs, both now and in the future. Is the home accessible for family members with mobility challenges, or do you require a single-story layout?
- Schools – If you have children or plan to in the future, research the quality of local schools. Living in a good school catchment area can be a vital need for many families.
- Functional Utilities – Ensure that all utilities and systems in the home, such as plumbing, electrical, and sewage, are in proper working condition. Addressing these needs is essential for your daily comfort.
Home Buying Wants
Once you’ve established your core needs in a new lake home, it’s time to explore your wants which are the additional features and amenities that can enhance your lake lifestyle and make your lake home unique.
Here are some common home buying wants to consider:
- Upgraded Kitchen – An upgraded kitchen with modern appliances, granite countertops, and ample cabinet space is a common want for those who love cooking or entertaining.
- Luxurious Bathroom – A spa-like bathroom with a soaking tub, separate shower, and high-quality fixtures can be a personal sanctuary.
- Walk-In Closet – A spacious walk-in closet in the primary bedroom for organization and storage might even be a need, especially for fashion enthusiasts.
- Outdoor Space – Homes for sale with a balcony or outdoor patio offer an elevated living experience where you can relax, dine, or enjoy the view.
- Fireplace – A fireplace, whether wood-burning or gas, can add warmth, ambiance, and a cozy focal point to your living room.
- Smart Home Technology – Integrating smart home features such as thermostats, security systems, lighting controls, and even voice-activated assistants can make your home run more efficiently.
- Views – A picturesque view can significantly enhance your home’s appeal.
- Guest Space – Your lake home will become a gathering place for family and friends. A Bunkie or Garage Suite can serve as additional living space, a recreation room, a home gym, or a guest suite.
- Proximity to Amenities – Living close to shopping, restaurants, entertainment venues, and cultural attractions can be a convenience and a want for many.
- Landscaping – Beautifully landscaped gardens or outdoor spaces with mature trees, flowers, and perhaps even a garden can be a wonderful addition for those with a green thumb.
- Bonus Room – An extra room serving as a media room, playroom for kids, or a dedicated home office can benefit working families.
Prioritizing Wants and Needs
The lake home buying process involves a delicate balance between your needs and wants. While your needs are the essential elements that ensure your comfort and well-being, your wants add those extra layers of enjoyment and personalization to your dream home. Finding the right balance between wants and needs is critical to making a well-informed decision that aligns with your budget and lifestyle.
Your Edmonton Lake Property Team Member is your partner in this journey. We have the expertise to help you identify properties that meet your needs and satisfy your wants, all while ensuring that your financial goals remain intact.
Contact Charlene or Kelvin, and let’s find your ideal home together.
* source material Re/Max Blog (Jan 6, 2024)