Buying a Home: Needs vs 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 colour 

Pool

Jacuzzi 

Hardwood floors 

Bay windows 

Built-in entertainment centre

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.