‘Needs’ vs. ‘Wants’ When Buying a Home

With the low inventory of homes in today’s housing market, finding a home that checks all the boxes can be challenging.

However, if you can separate the ‘needs’ from the ‘wants,’ you’ll have a higher chance of landing the home that fits your needs.  Chief Economist for realtor.com, Danielle Hale, states that:

“Focus on the goal you set out for yourself, like your list of must-haves and nice-to-haves and your budget. . . Stick to that. Be persistent.”

How to Begin

When searching for a home, the first step is to get pre-approved. You want to avoid falling in love with a home that is too far out of reach. Getting pre-approved helps you better understand your budget, which is vital when creating your list of must-haves and nice-to-haves.

After understanding your budget, begin listing the features of a home that you would like.

Here’s a great way to think about them before you begin:

Needs

• ‘Needs’ are features that a home must have if it is to work for you and your lifestyle. Examples include the school district, distance from work, family and friends, and number of bedrooms/bathrooms.

Wants

• Wants are features that would be great in a home but are manageable. Examples of nice-to-haves include a two-car garage, a fireplace, a finished basement, etc.

Dream State

• Dream state features are things that you dream about. They may be unrealistic for your budget or the current housing market, but it’s fun to consider! If you find a home in your budget with all the ‘needs’ and most of the ‘wants,’ it’s a clear winner. Examples include a built-in pool, gourmet kitchen, etc.

After creating this list, it’s time to sit down with a real estate advisor. They will help you navigate the market and find homes that fit as many of your needs and wants as possible.

Crafting your home search checklist may seem small, but it can save time and money. It’s also one key to success in today’s competitive market. Let’s connect so we can work together to find a home that fits your wants and needs.

If you can keep your goal in mind and be persistent, you will find the perfect home for you and your family.

Let me help you find your perfect home!  Mary Tarrant (928) 277-6404