Priorities to Consider When Looking for a Dream Home

When it comes to finding your dream home, your vision is going to be both unique and personal.

For many people, their idea of a dream home may be a composite of the home they grew up in and other mental snapshots they accumulated over the years.

In some cases, the house of your dreams may bear little or no resemblance to the image you conjured up in your mind. Sometimes, you just instinctively know the right home when you see it -- even if it's not exactly the one you originally envisioned.

A good starting point for launching your home search is to develop a detailed priority list. It should consist of both "must have" characteristics and "wish list" items. Hopefully, you and your spouse (or partner) will be in full agreement on most of the important features of your next home, such as whether you want a ranch house or colonial. Being on the same page in terms of location can also make a big difference in how satisfied you both are with your real estate purchase. As an example: Someone's going to less than thrilled if, let's say, you want a townhouse in the city, while your spouse has their heart set on a Craftsman-style home in the suburbs!

Trends in Home-Buying Preferences

If you're a member of the so-called "millennial" generation, your top priority in a new home would probably be the quality of the neighborhood. That's according to a "Home Buyer and Seller Generational Trends Report" (2015) compiled by the National Association of Realtors. In order of importance, factors influencing home purchasing choices are: the convenience of the home to one's job(s), overall affordability, access to friends and family, and the quality of schools in the district.

Many buyers in that same demographic are also leaning toward homes that are energy efficient, ones that offer "smart home" capabilities, and dwellings that include a space that can be used as a home office. Since nearly 40% of Americans telecommute for their jobs on at least a part-time basis, more and more home buyers are adding that requirement to their priority lists. Surveys have also shown that prospective homeowners in their twenties and thirties are opting for low-maintenance surfaces, such as flooring, counter tops, and backyard decks. Updated interiors are also a strong preference for many in that age group since they don't have the extra money, time, or inclination to get involved in major renovation projects.

Other factors which belong on house-hunting priority lists include square footage, number of bedrooms and bathrooms, and the size of the yard. If privacy and noise levels are concerns, then key factors to consider would be fencing, trees and hedges, and the amount of space between houses.

While it's not always possible to find a home that includes every single item on your wish list, an experienced real estate agent can help you find what you want and match your requirements with the available listings in your desired neighborhoods.