Popular Needs VS Wants And First Time Home Buyers
Needs VS Wants
A fenced-in yard. Double sinks. A wrap-around porch. An open floor plan. Big yard. There are just so many things we want our new home to have.
However, when shopping for our dream home, it’s essential to steer the dream a little bit more toward reality. No home will have every single feature you desire, so before you set out on the search, sit down, think hard and narrow down your list of must-haves.
Must-haves are usually rooted in practicality – a classic case of needs vs. wants. Some important musts, therefore, often involve:
- The number of bedrooms and/or potential to turn a room into an additional bedroom – are you planning on children? Need space for an in-law to move in?
- The master bedroom – is it big enough for your king bed and does it include a master bath?
- The number and condition of other bathrooms
- The yard – how much space and privacy do you need to be happy?
- The kitchen – do you need a new kitchen with high-tech appliances or are you willing to update down the road?
- Closet space – is there adequate storage for your current belongings with room to expand?
- The school district – an obvious factor if you have or are planning to have children, but also important if you don’t as it will affect your home’s resale value
- Proximity to work – are you willing to commute or is a walkable community a high priority?
- New construction – are you looking for a maintenance-free environment or the charm of an older home with DIY options?
Must have VS Nice to have
Of course, your musts are very unique to you and, therefore, may vary from the above. The key factor in determining a must-have from a nice-to-have is whether it is something that can be cost-effectively and efficiently accomplished down the road, such as crown molding or an outdoor kitchen. Musts should be those features that are difficult and costly, if not impossible, to handle on your own, such as a bigger garage or an addition to the home.
Remember that above all, your “dream” home will be the one that grabs you for some intangible reason or for a combination of unexpected features you never knew you wanted until you saw them. So try to keep your must-list to a minimum and your open mind to a maximum—and most of all, enjoy the process.
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