How to Organize Your Wants and Needs when Buying a Home

When buying a home, we often have many ideas about the features of the dream home. A beautiful garden, an enchanting view, a lot of space for a walk-in wardrobe... However, depending on your possibilities, some features just can't fit into a realistic picture. In order to get the best out of the situation and have the home you want, you need to classify ideas into sections of ''wants,'' and ''needs''. That might not be easy sometimes. So, let us show you how to organize your wants and needs when buying a home.

What is the difference between needs and wants?

First off, we need clear the difference between these two things. Needs refer to the things that are essential to you. For example, you need more rooms in the house if you have a big family. Or, if you're working from home, you need an office space somewhere in your home.

As for the domain of wants – that is the list of the most various things you desire that are not essential but you'd possibly pay a little extra for it. It's the category which most of your dream house features fall under.

Take a look at what you have today

If you want to make the best decision for the future, you need to take a step back and look at what you have right now. Start by listing the good and the bad features of the place you now call home. For instance, if you despise your existing house due to its inconvenient layout, you may rethink buying another one with the same flaw. These kinds of things have a profound effect on your day-to-day existence. So, make sure to consider them first.

Also, part of this is taking into consideration all your possessions. Will there be enough place for everything at your new place? Will you need a bigger place than you expected, or will you be able to solve this problem with storage? Of course, you can always hire professional movers and seek expert help for everything, including storage solutions.

Think long-term in order to organize your wants and needs when buying a home

According to a recent survey, the average buyer of a single-family home remains in the house for around nine years. So, to separate the things you need from the items you want, one of the best ways is to think about your personal goals and where you want to be during that average nine years period.

Maybe you're just starting and see yourself moving into a larger house in a few years. Perhaps you are buying a house with little children, and you have to think about their future, schooling, and everything that comes with it. We need to consider both immediate and distant targets.

Ask yourself – do you have reasonable expectations?

The perfect home probably doesn't exist. Buying a home requires making concessions and trade-offs and doing it as efficiently as possible. It's nothing bad, just the way the real estate world works. You might even find that what you envisioned in the first place as your top one desire is not something that would work for you long-term. A great reality check can be asking yourself these three questions:

1. How often do you see that specific feature in the market?
2. Would you rather someone give you the amount of money you would've spent on it or have that feature in your new home?
3. Do you just want to show off that feature, or you can't imagine yourself without it ten years from now?

Open houses can help you gain perspective

Going to open houses months or even years before you really want to purchase is a great way to practice being realistic. You'll see what people offer on the market and how the market lives and breaths. This will help you a lot once you need to establish your list of wants and needs.

Consider your budget

Often, the budget is what definitely sets the line between wanting and needing something. You may, for example, think that you need the pool on your property (which would be fantastic). But, if your face drops and your monthly budget for groceries flashes before your eyes when you see the bill – you'll probably put the pool on the ''wants'' list.

It's not fun thinking about a mortgage, and it's undoubtedly better to think about all the pool parties, but it's necessary. Wants are the things you'll have to compromise sometimes to fit the things on your needs list.

Ask professionals for help

It's possible that you'll have to sacrifice specific desires to afford the needs. Don't know where to begin determining what's affordable and what's not? In this case, your agent will be able to help you out. A real estate agent's expertise in the local housing market, including the average sale price of properties and the value of upgrades such as extra bedrooms and swimming pools, is essential.

Final thoughts

Buying a home is a beautiful and exciting process. There is a lot at stake on one side and a great future to look forward to on the other. One can easily be caught up in the moment and overwhelmed with all the options. But everything can be much smoother if you know how to organize your wants and needs when buying a home. So, make sure to make your custom list of all the things that are a must and the things you can compromise on. Don't be afraid to ask real estate agents for help. Of course, we'll always be eager to help and await your questions in Portugal. Happy house hunting!