Needs And Wants

When buying a home, it is important to assess both your needs and wants. Make clear distinctions between the two, as you will inevitably be faced with decisions of priority, and have to give up one characteristic for another.

Needs: Your needs may include an extra bedroom for frequent guests, an office room, a fenced-in backyard for your dog, or proximity to work. These traits are ones you should not be able to do without.

Wants: Your wants may include a fireplace, a certain style of home, an extra bedroom, or a proximity to parks. These traits are more easily disposed of in favor of other traits.

There are no right or wrong answers here. One person's wants may be another person's needs, and vice versa. Also, you will find that these categories, rather than being easily divided into two groups, will, in practice, be aligned on a spectrum. Simply be aware of the decisions you will need to make ahead of time between what is necessary and what is only desired.

NEXT: Surveying The Neighborhood.