Separating Wants From Your Needs
Make a list with two columns – wants versus needs. Your needs should include things such as location, school districts, neighborhood, your financial budget, quantity of bedrooms, features and amenities, plumbing and electrical that are updated, lot size, number of garage spaces, HOAs and Covenants. Wants may include nonessentials for example the specific design of the home, a newer furnace and hot water heater, remodeled kitchen or baths, deck, pool, jacuzzi, flooring, fireplace or wood stove, newer windows and/or landscaping.2) Seek advice from other family members
If you’re purchasing a home for more people than just yourself, consult with members of the family to help define your wants versus needs. A larger kitchen may be essential to your spouse, whereas your kids could need extra closet space due to hobbies or interests. Consider how you want your family to live in your house. Believe it or not, studies have shown that square footage and the floor plan of your home can affect your relationships. Bouncing thoughts and ideas off each other can be very helpful in determining your needs and wants.3) Consider tomorrow
Consider just how long you could possibly intend to remain in your future home. That by itself can determine your wants and needs. If you are intending to stay short term in your house, its location, value and neighborhood will be important, and so will current market activity.
If you are planning to stay in your next home more than five years, think about upcoming life changes. Will you be planning to expand your family? Are you considering needing an additional room to accommodate an aging parent? Will you need a generous lot for a future home addition? Is remodeling certain features in your budget?
4) Compromise and trade-offs
The home shopping and buying experience is often exhausting. However, being realistic will ease your mind and minimize your stress. We have been suffocated with the pressure to live a life that tells us we need certain things to be happy. Stay away from the noise. Think about: The thing that makes you happy? If having a large kitchen brings you joy so you can cook for family and friends, make that a need. But be okay to let go of a large backyard if you live in a state where mosquitoes and rain dominate your summers. Spend time defining your way of life and just what you could forgo so that they are happy in your home.
Keep these perspectives in mind when defining the wants versus needs of your home and you will be certain to find a home you love! Nick & Cindy Davis are here to assist you in finding your new home in the Tampa Bay and Surrounding Areas. We are always just a click here or call to 813-300-7116 away.