3 Tips on Deciding WANTS vs NEEDS in Your New Home
One of the biggest challenges with deciding whether you want a feature in your home versus need a feature in your home is that we want everything. Right?
So how do we address the difference between what you WANT and what you NEED in your new home?
#1: What you NEED
When we talk about what you want versus what you need in your new home, needs are typically the location, number of bedrooms, the number of bathrooms, approximate square footage and amount of yard space. The rest are really Wants.
Needs include the basics. That means you should have the answers to the following:
- About how much space do you think you need?
- How long do you plan to live in this home?
- How important is the school system and its proximity to your new home?
- Do you want a lot of privacy and quiet?
- How important is your commute time?
- Does your budget have flexibility?
If you plan to live in your new home for just for 3 to 5 years, you probably want to focus more on your needs than your wants. However, if this is your forever home, then it’s important that you have a good foundation to improve upon, what most real estate agents will call the “bones” of a home.
With location, it really depends on what you expect your lifestyle to look like over the course of the next 5 to 10 years. For instance, if you’re an upwardly mobile professional, you may want to be in the urban center, near the activities, restaurants, and events that happen in a downtown city area,
However, if you would like some land for gardening or a children’s play area in the backyard or even a pool, you might want to have a bit more property and move outside of a downtown area. That’s why we always say that location is most important.
I agree that there is a fine line between Needs and Wants but let’s see if I can help you with it.
Wants would include wanting carpet or hardwood throughout or having stainless steel appliances. Usually things like open concept versus a formal dining room would be more difficult to make modifications to achieve that look. But they are still things that you would probably compromise on.
Here are more examples of what I would consider Wants:
- Outdoor kitchen (this can be added later; the more important feature is enough space to create one)
- Paint colors (I’ll help you find a good painter to fix that!)
- Flooring – It’s more affordable now than ever to change out flooring
- Walls – yes, removing or adding walls costs money but if your Needs are being met, then getting to the look and feel you want by removing or adding a wall or two might be your best bet.
I’m happy to buy you a cup of coffee and discuss your Needs and Wants for your new home, with no obligation.
I look forward to helping you on your home buying journey!