Needs vs Wants when Buying a Home - LuxHomesMN

Needs vs Wants when Buying a Home

Finding Your Dream Home

The typical buyer is looking for a “dream” home when looking at houses. Reality sets in quickly when budget or location constraints come into play. When you are looking for a home, it is important to understand the difference between a NEED and a WANT.

“Needs” are the items that are absolutely necessary for you to have in your new home. For example, if you have 5 people in your family, you may need to have at least 2 bathrooms and cannot imagine buying a house with only 1. You may WANT 3 bathrooms, but if the perfect home comes along that only has 2, it may be acceptable to you.

It is also important to remember that cosmetic changes can be made to a home, but location cannot be changed and prices are only typically negotiable within about 95-99% of list price.

Your agent will be searching and networking daily to find you the right home. It is important for you to  communicate and be honest with your agent about your wants and needs early in the process, so that your agent can find you the right home. Try to imaging living in your dream home Рwhat features does it have that you cannot live without? Here is a list to help you get started:

Some factors to consider when determining Needs vs Wants:

  • Location – Acreage, Lake Front, Neighborhood, School District, etc.
  • Price Range
  • Style of Home – everything on one level, room for entertaining, bedrooms upstairs, all bedrooms on one level, etc.
  • Size of Home – many buyers right now are requesting smaller homes
  • Townhome/Condo vs Single Family Home or Association vs No Association
  • Number of Bedrooms
  • Number of Bathrooms
  • Number of Garage Stalls
  • Yard Size
  • Fenced vs Not Fenced Yard
  • Fireplace
  • Pool or access to Community Pool
  • Many other options here