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Buying a New Home? Here’s how to Prioritize your Wants versus your Needs Main Photo

Buying a New Home? Here’s how to Prioritize your Wants versus your Needs

Posted: June 20, 2019 by Alan Tucker

If you’re looking to buy a new home, then you almost certainly have at least a few things in mind that you feel that you want/need to have in your new home! That said, your budget can sometimes hinder your ability to find everything you want in a home, and that’s where the ability to prioritize what you need comes into play! A great place to start creating your list of what you absolutely have to have to envision your dream home and then work backwards! Second, you’ll want to consider what life changes—like having a child, for example—you may undergo in the near future. Lastly, you need to have an idea in mind of how long you think you’ll own the home you’re looking to buy!


Start with your Dream Home and Work Backwards

Many people will tell you that envisioning your dream home when looking to buy a house will only lead to you being disappointed in what you actually find. That’s simply not true, and starting with your dream home is the perfect way to understand what you can actually afford! First and foremost, you need to be able to differentiate what you want from what you need, and this can be as simple as considering what you go without in your current home that wouldn’t affect your overall living experience in your new home! For example, if you feel that your current laundry room is cramped and you’d like a bigger space in your new home then that would obviously be classified as a want and not a need. However, if you’re looking for a new home because you need additional office space because you work from home, then that would certainly qualify as a need! By understanding all of the things you would want in your dream home and then subtracting what you could live without, you’ll gain a better understanding of what you actually need in your new home!

Consider what the Future Holds

Whenever you’re buying a new home, you need to have the future—at least the near future—in mind! If you’re buying a new home and are planning on have children in the near future, then you need to plan accordingly and consider homes that have enough space for that addition to your family! In addition, if you’re relocating, for example, then keep in mind how long you expect to be living in the area—after all, there’s no sense in spending more money on a new home to afford certain luxuries if you know you’ll have to sell the home a short time later! This tip may sound a bit obvious, but you’d be amazed how many homebuyers fail consider not just their current situation but their future as well!

Consider how Long you’ll Own your New Home

If you’re looking to buy your first home, then keep in mind that it won’t be the last home you own and plan accordingly! In addition, if you know that the house you’re looking to buy is not a long-term living option, then consider saving a bit of money by skipping out on some things that would classified as things that you want but don’t need! There’s no sense in spending for things that you want in your home if you’ll only end up listing the house in a few years’ time. In addition, if you buy a home that may require a bit of work to improve but is listed for a lower price, then you can save yourself some money and end up improving the retail value of your home when you do decide to sell!

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