Published April 4, 2022
Home Shopping? Know Your Needs vs Wants
Learn the
advantages of understanding your homeownership priorities.
Shopping for a
home can be overwhelming, especially when a prospective buyer needs to make
quick decisions in a low-inventory market.
Here is a tip
for home shoppers to help evaluate and prioritize a home’s features:
Know your must-haves and nice-to-haves and your budget--and stick to it.
It is important
to understand your wants vs needs for many reasons. Here are some advantages to understanding
your wants vs your needs:
·
You’ll avoid making an emotional purchase
·
You’ll decide against properties that aren’t a
good fit
·
Finding the house that best suits your needs
will be easier
·
Sensible compromises will be easier to make
·
You can act quickly in making an offer when you
find a house that fits
·
Your real estate agent will be better able to
assist you in your home search
But how do you
determine what is a “must-have” or a “want-to-have”?
One way to
prioritize is practical: obtaining a loan preapproval. Your budget will help you decide what you can
afford and help you set your expectations accordingly.
Other practical
“must-haves” are functioning plumbing and electric, heating, and safety
features.
Some “needs”
vary from buyer to buyer and are more subjective. Location, parking, amount of space, number of
bedrooms or bathrooms, and commute time are examples of subjective needs.
“Wants” are
home amenities that a buyer may prefer, but their absence would not deter a
home purchase. Some examples of wants
include pools; landscaping; and aesthetics like hardwood floors, appliances,
and fireplaces.
You may even
identify features that, should all your needs and wants be met, can further
help you make purchasing decisions. “Dream state” features might be things like
several walk-in closets or a marble countertop.
What do you
want or need in your next home?
Post
authored by Lora Bray.
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