Wants Vs. Needs - Do you really need that third bedroom?

Buying a home is an exciting but overwhelming experience, especially if it's your first time. With so many options available, it can be difficult to determine what you really want and need in a home. To make the process easier, it's essential to know the difference between wants and needs.
Wants are things you would like to have in a home, but they're not essential. They are typically features or amenities that are desirable, but you could live without them. Examples of wants might include a swimming pool, a large backyard, or an extra bedroom.
On the other hand, needs are the essential features and characteristics that a home must have to meet your basic requirements. These are the non-negotiables that you cannot live without. Examples of needs might include the price point, number of bedrooms and bathrooms, the location of the property, and the overall size of the home.
Determining your wants and needs is crucial when buying a home, as it helps you to focus on what's most important and avoid getting distracted by unnecessary features. Here are some tips to help you determine your wants and needs when buying a home:

Determine your Must Haves

Start by making a list of the essential features and characteristics that your home must have. For example, this could include needing two bedrooms if you're buying as friends or have a child. If you have a dog, it could mean one of your needs is a fenced backyard. If you or a family member is in a wheelchair, it could mean you cannot get a house that has stairs/multiple storeys.

Consider your Lifestyle

Think about your lifestyle and what features and amenities would make your life easier and more enjoyable. If you work from home, this might include a home office. You may need a home with good public transport accessibility if you don't own a car. If you have a child, you'll need to think about a location with good school zoning.

Prioritise your Wants

Once you have your list of must-haves and nice-to-haves, prioritise them in order of importance. This will help you to focus on what's most important and avoid getting distracted by unnecessary features.

Be Realistic About Your Budget

When determining your wants and needs, it's important to be realistic about your budget. You may have to compromise on some of your wants if they are outside of your budget. Getting a pre-approval to figure out your budget is a good idea before you start house hunting. We recommend getting in touch with a good mortgage broker to help with this.

Be Open to Compromise

Finally, be open to compromise. You may not be able to find a home that meets all of your wants and needs, but by prioritising them, you can find a home that meets your most important requirements. Remember, your first home is not often your dream home. It's more of a stepping stone and a way to get onto the property ladder. The quicker you get onto the property ladder, the sooner you can start working towards your dream home.
Determining your wants and needs is crucial when buying a home. By making a list of your must-haves, considering your lifestyle, prioritising your wants, being realistic about your budget, and being open to compromise, you can find a home that meets your requirements and helps you live the life you want.
The SM Property agents are great at helping you determine your wants and needs and guiding you through the process. Click here to chat with the team to get your home buying journey started. For more tips and tricks and market updates, head to our Instagram page.