Why You Should Have a Must Have, Nice to Have, and Deal Breaker List When Searching for Property

Buying a home or investment property is one of the biggest decisions you’ll make—and the process can quickly become overwhelming without a clear sense of what truly matters to you. That’s why creating a detailed list of Must Haves, Nice to Haves, and Deal Breakers is more than just a helpful exercise—it’s a critical strategy for making informed, confident decisions and protecting your interests throughout the transaction.

Your Must Haves are non-negotiables—features the property must include to meet your practical needs or lifestyle. These may include a certain number of bedrooms, proximity to schools or work, a home office, a yard for pets, or accessibility for family members with mobility issues. Knowing your Must Haves helps you stay focused and eliminates wasted time touring homes that simply don’t work for you. It also allows your real estate agent to tailor their search more effectively.

Nice to Haves are the desirable extras. They’re features that would enhance your comfort, enjoyment, or future resale value but aren’t essential. Examples might include a pool, smart home features, updated kitchen finishes, or a walk-in closet. While they shouldn’t be the deciding factor, a home that checks both your Must Haves and a few Nice to Haves may rise to the top of your list—especially in a competitive market where trade-offs are common.

But perhaps the most critical list—especially from a legal and negotiation standpoint—is your list of Deal Breakers. These are the red flags or absolute disqualifiers that make a property a hard “no,” regardless of its other features. Deal Breakers might include being in a flood zone, structural damage, foundation cracks, an HOA with restrictive rules, or unpermitted renovations.

This list becomes especially important during the inspection period of a purchase contract. Once you’re under contract, you typically have a limited time to inspect the property and back out or renegotiate if serious issues are found. If one of your predefined Deal Breakers shows up in the inspection report—say, signs of water intrusion, outdated electrical systems, or boundary disputes—you have a clear basis to cancel the contract without hesitation or emotional uncertainty. Buyers who haven’t clarified their Deal Breakers often struggle to walk away or get caught in costly repairs post-purchase.

Another commonly overlooked factor is lot orientation—specifically, the directional exposure of the home and yard. This can dramatically impact daily living, comfort, and even resale value. For example, a home with a southern-exposed backyard is ideal for those who enjoy natural light or plan to install a pool. The sun will pass east to west across the backyard, providing extended sunlight throughout the day—especially important in cooler seasons or if you want to enjoy the pool well into the afternoon. In contrast, a north-facing backyard may be shaded most of the day, limiting sunlight and warmth. While it may seem like a minor detail, directional exposure is something you may appreciate—or regret—every day.

In summary, your Must Have, Nice to Have, and Deal Breaker list isn’t just about preferences—it’s a powerful tool for clarity, negotiation, and protection. It helps you stay grounded, avoid emotional decision-making, and exit a deal when necessary. In a fast-moving real estate market, this simple list can make the difference between a smart investment and an expensive mistake.

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