Balancing your wants and needs can be frustrating when looking for a new home. On the one hand, you want to find a house that meets all your criteria and fulfills your dreams; on the other, you’re trying to stay within your budget. As homes slowly come back on the market, it’s important to ensure you make the right choice when choosing your future home.
With spring homebuying season upon us, it’s time to assess wants versus needs. The first step in balancing your wants and needs is to list all the features you would like your home to have — from the number of bedrooms and bathrooms to the location and size of the yard. Then make a list of the features you need in a house — such as a certain price range or a certain type of floorplan. Once you’ve made your list, it’s time to prioritize.
Things to consider
Think about which features are essential and which ones are merely nice-to-haves. Do you have any absolute deal breakers or makers? Some features on your want list can be quite affordable, while others are more expensive and may need to be reevaluated if they should be on the list.
It’s also important to keep an eye on your budget. Make sure you’re not overspending and that you’re not stretching yourself too thin financially. This is where hidden costs come into play, like property tax, homeowners insurance, and repairs needed on the property. If you plan on tackling home improvement projects and adding features from your want list on your own after you move in, consider the time and inconvenience it will cause.
How to start listing
When listing your wants and needs, start with your needs. These are the must-haves that you won’t compromise on. It could include a certain number of bedrooms, a particular type of kitchen layout, or a specific location. Once you have your needs written down, you can think about the features you’d like to have in your home. These features, such as a large backyard or a finished basement, are your wants.
Once you have your list written down, it’s time to prioritize. Your needs should always come first, followed by your wants. This will help you focus your search on homes that meet your needs and can provide you with the features you’d like to have. If you find a home you love but missing something on your list, decide if it’s a need or a want. If it’s a need, then you should keep searching. But if it’s a want, you may be able to find ways to add it later on.
Ready to buy?
Balancing your wants and needs when house hunting is essential, but having a trusted team can make all the difference. Thinking through your list with a informed realtor will help you find the home that’s right for you and your family. NMC Realty Group's knowledgeable team can provide options that meet all your needs to help you find exactly what you’re looking for.