Wants vs Needs When Buying a Home – Learning the Difference

One of the first questions that a real estate agent will ask new buyers is, “What do you want in
your new home”? It might seem like an easy question to answer but identifying your “wants’
from your “needs” is an important aspect of home seeking.

Needs
A need is something that is truly essential to how you and your family live. For instance, if you
have a family of four, you truly can’t live in a studio-style apartment; bedrooms become a real
need in house hunting. By contrast, while having an acre of land would be nice, do you truly
have to have that much space in your yard?

Make a List
One way to focus your thought is to create a list of features and amenities that you would like
to have in a new home. Prioritize this list starting with the essential (need) first and work your
way down to the aspects that would be nice to have (want). Remember that you might live in
this home for a number of years, so consider how your family will grow over the next few
years and what needs might change.

Think about elements outside the house itself as well. Do you have school aged children, or
will you? The location of the home might be a need as well. Commute times, recreation and
services must also be included in the list of priorities.

Home hunting is exciting; make sure you include your needs in your search so you don’t get
distracted by a want instead.

Posted on August 1, 2018 at 5:32 am
Ted Mansfield | Category: Buying a home, First Time Buyers, Move Up Buyers, Real Estate

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