Nightmare or dream home?

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It helps to be clear about what you're looking for. Start by making a list of all the features you want and need in a home. If you're having trouble developing a wish list, think about all the features you don't like in your current home.

The next step is to prioritize your wish list. Divide the list in to "must have" and "want to have." Your "must have" list would include the bare essentials you need, like the number of bedrooms and baths, a yard, a good commute location, or a specific school district.

The "want to have" features are those that you'd ideally like, but that aren't absolutely necessary. For example, you might want a view, but you'd forego that if you could find a home in the right school district. If there are features you can't live with—like a lot of stairs or a location on a busy street—be sure to list these as well.

Buying a home involves making compromises. The perfect home does not exist. The more homes for sale (called listings) you look at, the easier it will be to decide how you'll compromise.

For example, you may want a 3-car garage. If houses with 3-car garages don't exist in the neighborhood where you want to live, you have to make a choice. You can settle with a 1- or 2-car garage and live in your first-choice neighborhood. Or, you can look for a home with a 3-car garage elsewhere.

Your wish list will evolve over time as you get to know the range of possibilities in your local housing market. If you're finding that you're not seeing enough of the right kind of listings, ask your real estate agent if your wish list is too restrictive. If so, try to broaden your horizons. For instance, you might look in more than one neighborhood, or be less picky about architectural style.

HOUSE HUNTING TIP:
Unlike most other business transactions, there's an emotional aspect to home buying. Often buyers fall in love with the home they buy the first time they walk through the front door. Elusive qualities like charm and appeal can take precedence in the home buying decision. Before you commit to a legally binding purchase contract, however, take another look at your "wish list". Double check to make sure that the listing you've chosen provides you with the essentials on your list.

One couple bought a charming starter home on a lot with a magnificent setting. It wasn't until after they moved in that they realized that the home didn't have a decent place to sit and enjoy a meal. The kitchen was too small for an eating area, and there was no dining room. The next home they bought had both an eating area in the kitchen and a formal dining area.

Buying and selling homes is expensive, not to mention time consuming. You can save yourself a lot of money and hassle by buying a home that will suit your long-term needs. Moving less often saves you money.

THE CLOSING:
Don't let yourself be fooled by someone else's good decorating. The furniture usually moves out with the sellers. So make sure the listing will work for you when the furnishings are gone.