Home Buying Checklist - Distinguish between Wants and Needs
To many people, this is where it is lost. As a prospective buyer, if you go out for shopping for house, there are two things that you need to consider.
- What do you need in a house?
- What do you want in a house?
People usually get confused at these questions, as they hardly know the difference between needs and wants. Let me explain this: Your need is to have a roof over your head, water, gas, and electricity facilities. However, you want four bedrooms, an Italian kitchen, a patio, and might be a swimming pool. If you planning to buy your home anytime soon, be very sure about your needs and wants so that you will know which home you should buy and when to make offer, when you come across a good option.
Start with your Dream Home
Before you start home hunting, you must envision your dream home. What does it must have? Should it have beautifully landscaped garden, or a pool or a spacious patio? Prioritize your wish list and see your budget. How much can you afford? And how many additional features will add to the price. After that you should analyze, what you can sacrifice from your wish list.
Now when you have clear idea of price range, it is the time to decide which feature you want to sacrifice and for which, you are ready to pay more. Different people prefer different features such as: few prefer living within close proximity to their offices, few do not want to compromise on a big lawn, for few an Italian kitchen is a must have and for others unique home elevation is everything.
Here you can easily distinguish wants from needs because you will find yourself saying that "An Italian kitchen is a must have" or "I wished to have a swimming pool". You should also remember that it is relatively easier to work on some wants, as later you can change things on your own. For example, if you want to have a beautifully landscaped lawn, you can have it after you move in your home, which already has vacant space.
It may appear difficult to you but remember, finding a good home at a good price is easier, if you are flexible on your wants.
Prioritize your wants
Furthermore, if you want a "valuable item" with more weight, then you should give it a second thought and spend money on it. In real estate sector, valuable items are features that add value to property, when you think of selling it ahead. For instance, if you want to have granite tops, hardwood floors, close proximity to commercial zone or a beautifully landscaped lawn - you should spend money on it, as these items add value to property. However, a pool may not be a valuable item, if we consider it from our country's perspective
Here you should take help from real estate agent to distinguish between valuable and non-valuable items.
Now you must know that how to start serious home hunting and when to make an offer. However, I would suggest that before you start searching a home, prepare a home buying checklist and demark your wants and needs. It will help you get a good home at good price.