Home Buying Wants vs. Needs

posted 7/10/2015 in Mortgage

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When envisioning our dream home, most of us tend to let our imaginations run wild. We dream of those shiny hardwood floors, the home theater in the basement, and the bright blue pool in the backyard. However, when buying your first home it’s important to identify what you want in a home and what you need in a home. This will help you narrow down the home buying search and allow you to focus on the qualities that are truly important to you and your family.

A “Want” is something you’d like to have but is something that you could change in the future. It’s important to be tough on yourself when determining what will make or break your decision. It’s also a good idea to rate the importance of your wants on a scale from one to ten help narrow down the search. Wants in the home buying process include:
  • Hardwood floors
  • Fireplace
  • Landscaping
  • Wall color
  • Pool, Hot tub
  • Granite countertops
A “Need” is something that you absolutely must have and would be difficult to change. It’s important to establish a list of needs that fit along with your expected budget to avoid overspending. Needs include
  • Number of bedrooms
  • Number of bathrooms
  • Size of garage,
  • Yard space
  • Distance to school and work
Without a proper list of needs and wants, first time home buyers are much more likely to exceed their expected budget. Make sure to have a list of tradeoffs between what you want and what you can afford to keep yourself from high monthly mortgage payments. Being well prepared will help your realtor stay within your price range and find the right house for you.

Get started today with our Mortgage Launchpad here and in a few simple steps, you’ll be on your home buying journey with the help of our experienced professionals. And don’t worry if you’re not entirely sure what you’re doing… that’s why you have us. We’ll help answer questions and make sure you are on the right track with absolutely no obligations or commitments.

Lincoln Savings Bank, Member FDIC, Equal Housing Lender.
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