Buying a Home: Needs vs Wants

House buying needs and wants

Similar to the list you develop to purchase groceries, why not develop your own list of needs and wants in a new home. This doesn’t mean you can not have what you want in your home, but rather, that you have a priority list of the most important features. You may not be able to obtain all the “want” items on your list, within your budget. You may have to compromise on a few items to stay in line with your budget.

Here’s a review of needs versus wants:

NEEDS

Adequate square footage for comfortable living.
Sufficient bedrooms for your family
Sufficient bathrooms
Comfortable eat-in kitchen
Garage or basement for storage needs
Backyard for children’s play area
Easy access to school

WANTS

Specific carpeting, paint, exterior color
Pool
Jacuzzi
Hardwood floors
Bay windows
Built-in entertainment center
Brass lighting fixtures
Skylights
A pretty view

Try finding a happy medium of NEEDS and WANTS. That is, you will want to look for a home that includes all of your needs, with as many wants as practical, while remaining within your budget. Once you have this information in hand, your needs will be clearly defined from your wants. Having this knowledge will establish a clear direction for your new home shopping.