How To Toggle Between Your Wants and Needs When Buying a Home

Changing your status quo from a tenant to a home owner is one of the biggest decisions or event that can happen in a man’s life. Albeit, it is one thing to buy a home, it is another thing to be able to separate your wants from your needs during the process.

While in the process of acquiring the most valued possession anyone can lay claim to you may find it hard separating what you need in a home as compared to what you want. As a home buyer, visiting a home that seems to have everything you need can have you second guessing your top budget — and your perception about what you can live without.

Here’s how to make your list of wants and needs work for you when buying a home.

Don’t Go in Without a Plan

We came into this world not of our own volition. A plan was put in motion before our entry into mother earth. And just like your birth, it is difficult to succeed in any venture or human avocation if you don’t have a plan on ground.

A rough idea of what you desire or want in a home is always going to be awesome but that mindset may not stand the test of time. In other-words, that perception can easily be swayed over endless house visits and the realities of the market.

It is therefore essential you create a list of your wants and your needs to attain success in terms of daily living and protecting your investment. Everyone have their preferences. Wants and needs vary from individuals and your list of wants and needs may even change before you come up with a final draft, but that’s not bad!

A rough idea of what you want in a home is great, but that perception can easily be swayed over multiple house visits and the realities of the market.The more focused you can be about the process, the easier house hunting will become.

Don’t Confuse Wants with Deal Breakers

Deal breakers should be reserved for those must-have items that are necessary to your life.

As tempting as it is to class every item in the “deal breaker” column of your list, being able to distinguish between “must-have” and “nice-to-have” items is critical. For example, unless you have a severe allergy, walking away from every home that doesn’t have hardwood throughout isn’t practical — and it can make you overlook properties that fit the bill in every other way.

For some people, storage space and good transit links are must haves; for others, it may be the number of bedrooms or a main-floor laundry. The key is to match the home features to your life, not the other way around.

Consider Your Current List

It is the usual practice to have expectations about what you would like to have in your home. If you get a house you like  at a price within your budget but lacking some of your “must haves”, don’t just ignore your current list because finding a house that has all you need in a home will cost you an arm and a leg. You can still try to fix the desirables.

Whether it’s lack of storage or an unfenced yard, consider the items that you wish most often, that you could change. Ask yourself, which features inconvenience or impede your life, and ask yourself what tweaks you would make to fix the problem.

Stick to the List

Once your list is finalized, it may be tempting to push your budget to the limit to get what you want, but that could have drastic consequences down the road. A qualified real estate professional can help you find the best home in your price range that meets your needs, but knowing your top budget and sticking to it will help you protect your investment in the long run.