Wants vs. Needs

Congratulations, you have decided to purchase a home! Whether you are planning on purchasing the property for personal use or as a rental/investment property, there is a lot to consider. You may feel overwhelmed as you begin to consider all that goes into purchasing a home: finding a real estate agent, getting a mortgage pre-approved, dealing with your existing property (or properties), etc. Take a deep breath.

The first thing you need to figure out is what your wants are, versus what are you needs when it comes to your new property. Here is what to do:

Make a list with two columns. One column will be for your wants, the other for your needs. 

Address the wants column first. After all, this is where you get to have fun! Your wants list may include items such as: an ensuite for the master bedroom, a jacuzzi tub, a ready-to-rent basement suite, a laundry room, marble countertops, a spiral staircase, etc. Your wants column should contain all of the elements of a home that you may want to have, but don't necessarily need to have. 

How do you know the difference? Let's use the desire for a large backyard as an example. This could be a want, and not a necessity. Most people want as much backyard space as possible, but you may need a large backyard if you own five dogs. The difference is in whether or not you could function without it. 

So for your needs list, you may include things such as: three bedrooms, a bathtub and shower, a dining room, lots of parking space, etc. These are all things that you need in order for the house to function the way you need it to. This list is the most important thing to have before you start looking at potential homes, because you decision on what to buy must hinge on these conditions. 

Buying a home ends up becoming a delicate balance between your needs and wants. You may have to sacrifice some wants to get something you need, but you also may realize you don't truly need something and its worth not having it so you can have something you want. 

If you have no idea of where to start, visit our buyer's guide and call us at 403-630-6363. We would love to partner with you and help you navigate the process. 

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Posted by Ken Richter on


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