Understand your Needs and Wants

As a buyer, knowing what you want and what you need in a home is essential to remaining objective and buying the right house.

Make 2 lists. The first should include items you must have. The second list should include your wishes, things you would like to have but that aren't absolutely necessary.
 

Identify your Needs
Be Objective. Instead of thinking only with your heart when you find a home, think with your head. Does the home really meet your needs? There are many houses on the market, so don't rush into a purchase that you may regret later.

I have had clients ask me after seeing three homes and finding one they would like to buy whether there is an equation or perfect science to finding a home. The answer most certainly is no. The reality is, everyone’s search will take different lengths of time, the important thing to keep in mind is what it is you need and what is it you want. If you find a home in your price range, the neighborhood you like, that meets all of your needs and may or may not meet your wants and you feel comfortable making an offer you should. There are plenty of people, who find the house they want, decide to wait for a couple days to manage some other aspects of their life and end up losing the house. Being pre-approved, thinking objectively and keeping a level head when you find a home that meets your expectations will ensure you make a decision you are comfortable with and don’t regret. “There will always be another house.”

These are some examples of questions you should ask yourself and incorporate into your needs list:

Bedrooms:

• How many bedrooms do you need?
• For guests, children, future children, in-laws?

Bathrooms:

• How many bathrooms do you need?
• If you have guests over often or multiple children does a one bathroom home really work?

Space:

• How much yard space do you need?
• Do you need a playroom/area for kids?
• extra car?
• Visualize the house empty & with your decor: Are the rooms laid out and large enough to fit your needs?

Accessibility:

• Do you need a one level home opposed to a two or three level?
• Do you need a home without stairs to the entrances?

Location:

• How do you get to work?
• Do you need public transportation?
• Do you yourself or family members have medical requirements that necessitate being close to a hospital.

These are some examples of questions you should ask yourself prior to buying a home. There are a myriad of other characteristics you may require in a home. The best thing to do is make a list and use it when previewing homes.

Identify your Wants
Knowing what you want in a home is also very important to being prepared to buy and find the right home for you. Deciphering between what is a need and what is a want can bee difficult. My advice, prioritize your lists. Buying a home is sometimes a decision that lasts for 30, 40 often times several decades. Having an idea of what you need now and in the future, along with what you want is important.

For example, you may not need a pool, but maybe it has been your dream to own a pool since you were a child. Buying a home that has the potential to accommodate a pool at least affords you that option in the future. If you were to buy a home with a pool, however, and you had three kids and a dog and the home was without yard space because of the pool you may find yourself wishing you had made a different choice.

Examples of questions that tend to be more wants than needs:

• Do you want to have a home that has a view?
• Do you want a home that has access to a waterway or lake?
• Do you want that has marble countertops in the kitchen?
• Do you want a home that has a tennis court?
• Do you want a specific style of home?

Once your lists are complete, you can make a much more objective, educated search of homes.