Home Buying Needs Vs. Wants

SEARCHING FOR YOUR NEW HOME?

Let's Figure Out Your WANTS VS. Your NEEDS


When you’re ready to shop for your first home, it’s important to understand what you’re looking for in your new home. But how do you determine the difference between a want and a need?


NEEDS VS WANTS
A need in your future home refers to anything that is an absolute requirement. They are items or features without which you could not live in the home. Needs are items that are difficult or impossible to change.


A want can be defined as anything that you can fix or anything that would not impact your decision to buy. Wants are things that you could live without or can add later after you move in.


It’s important when you’re looking at your list of wants vs. needs to consider your budget. There may be certain wants and needs that may not fit in your budget. Your real estate sales expert will walk you through what features and locations fit into your price range.


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DETERMINING NEEDS VS WANTS

It is important to determine your wants and needs before you start your home search. Here are a few questions that should help you determine your wants and needs list:


Are there any location-specific restrictions?
If you need to stay in a school district or town/city/county, make sure this is at the top of your “need” list.


What do I like about my current house/apartment? What do I dislike?
Is your current home too large or too small? Do you love your outdoor space or is it too much for you to maintain? Ask yourself the likes and dislikes of your current living situation to shed light on what features you should search for in your new home.



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How long do I plan on staying in the home?
Are you planning to stay in your new home for 5 years or 15? While we can’t always determine what the future will bring, consider the length you wish to stay in this home. For example, if you’re planning on children, you may want more bedrooms. If your children are moving out, you may want a smaller space.


What features am I looking for?
Review all features in a home that are not changeable, such as square footage or bathrooms, and move those items to your wants list. You can install other features like granite countertops and stainless steel appliances after you move in.


What is my budget?
Your budget can also impact your wants and needs. You may want 5 bedrooms, but find that your budget only allows for homes with 4 bedrooms. Your real estate sales professional can inform you about the cost of homes in your desired area.


Once you’ve determined your wants and needs, I will be better able to assist you in finding your next home. Reach out to one of our knowledgeable sales professionals today to start your home buying process.


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