Once you have set a budget and know how much you can afford for a home, it’s time to start thinking about what features you want and need in a home. Needs are things that, if they aren’t met, they won’t make the home functional for you or your family. Consider your needs, not just now, but also for the next few years. For example, if you don’t have any children now but plan on having some over the next few years, a one-bedroom cottage probably won’t be a good choice for you. On the other hand, if you have five kids, a home with one bathroom is just not practical. Take a look at your situation. If you have owned a home before it will be easier for you to determine your needs than if this is your first home.

It is important, however, to get an idea of your needs before you go out looking at homes so you aren’t just floundering around. It’s okay to refine your needs as you are looking at homes and think more about your future home, but decide on your basic must-haves beforehand.

Here are some basic needs you’ll want to consider:

1. How many bedrooms and How big do they need to be?
2. Do you need a garage?
3. Do you need a basement or other structure for storage, like a shed (of course, you don’t want a basement in Florida)?
4. How many bathrooms will be needed?

Think also about the specifics of your own situation. Will you have an elderly parent living with you? If you or a family member is physically disabled, can the home be two stories or should it only have one? If you have small children, do you need a fenced in yard? It’s impossible to cover every particular situation, but you know better than anyone what applies to the needs of your family.

Once you have established your basic needs for a home, it’s time to think about features you want. Check out chapter 3 of my new book Rent- to-Buy for an in dept look at how to establish your needs and wants.