Wants vs Needs When Buying a Home – Understanding the Difference

Finding the right home starts with a simple question: what are you looking for in a home? Is it a certain style, size, or a combination of features? Perhaps it’s the location? When asking yourself this question, it can be easy to get carried away with answers. When thinking about your ideal “forever home” it can sometimes be challenging to pinpoint what you really need versus what you want, especially when trying to keep in the budget constraints.

 

Because of this, it’s important to understand the difference between your Wants and your needs when searching for somewhere new to call home. The ideal home is one that meets all of your needs, while also satisfying as many of your wants as possible. Once you have a better understanding of each, you’ll be able to begin searching for a property that meets your requirements. A great place to start is by making a list for both categories.

 

Think ahead: Homes are generally long-term investments; therefore, it is important to be not to just think about what you want or need today, but to consider what may be needed a few short years from now. If you’re planning to add new members to the household – be it more children or perhaps moving in elderly parents, maybe you plan to get a dog, or have school age children starting a new grade or entering college, even have teenagers learning to drive and need parking spaces is something to consider. Keep it all in mind when making this list!

 

Most shoppers have an idea of how many bedrooms they’ll need for their home, giving everyone the space they need, while also making accommodations for guest rooms and home offices. Not all bedrooms are created equally, and depending on the square footage of the home and even the layout, not all bedrooms may be equally valuable to your specific needs. For example, a home with upstairs bedrooms may not be easily accessible to older or mobility impaired family members and guests. Bedrooms without easy access to a bathroom may also be less desirable to family members of all ages. Storage, in the form of closets, is another way one home’s bedrooms may not be as useful to you as another’s. A family of four might need a certain number of bedrooms… but there are other factors that play into both the wants and needs of making those bedrooms “feature complete”. A roomy closet for a wardrobe may be on the need list for some while a category on the WISH list for others.

 

Owning land can offer exterior flexibility for a home, allowing space for additions, porches and patios, a roomy backyard, or even a separate garage or she-shed for hobbies. Owning a larger property also means more responsibility and upkeep.

 

Short commutes to and from work and school are always going to be valuable but might not top your list of wants or needs. Some circumstances, such as a parent who needs to drop the kids off before going to work, may find the location of a home to be a strict Need. The same applies to those who may be called into work on off days, or during inclement weather. Access to public transport or having an easily walkable neighborhood with nearby amenities and services may be more important for a family without a car. Keep all of these in mind when searching for somewhere to call home, and remember that your wants and needs can often overlap- a short commute to work may also mean a short commute to your favorite restaurant. Also consider factors such as climate, safety, and schools.

 

House hunting truly begins once you know what you’re looking for. Not all properties will meet all of your wants and needs, so it’s important to understand which features are most important to you and find a home that will support you and your family for the years to come. Good luck and happy hunting!