In the current housing market, where choices are often limited, and demand frequently outstrips supply, prospective homebuyers face a challenging landscape. It’s a common scenario to enter the market with a long list of desires only to find that fulfilling every one of them is not feasible. However, understanding the difference between needs and wants—and prioritizing accordingly—can guide buyers through the complexities of purchasing a home even when options seem restricted.
Defining Needs and Wants
Needs are the essentials, the non-negotiable factors that a property must have for it to be a viable option. These might include the number of bedrooms and bathrooms required to accommodate your family, accessibility features, or proximity to work and schools. Needs are dictated by practicality and necessity; without them, a property simply won’t suit your basic life requirements.
Wants, on the other hand, are those features you hope for but can live without. These could range from a swimming pool or a landscaped garden to high-end appliances and a specific architectural style. Wants are about comfort, aesthetics, and personal preference.
Prioritizing Your List
When faced with limited inventory, the key is not just to differentiate between needs and wants but also to prioritize within these categories. Start by listing everything you’re looking for in a home. Then, categorize these items into ‘needs’ and ‘wants.’ Once categorized, prioritize the needs based on what would impact your daily living conditions the most significantly. Similarly, rank your wants in the order of how much joy or added convenience they would bring to your life.
Compromises and Flexibility
Finding a home that checks every box is challenging even in the best of times, and it’s even more unlikely when inventory is low. You might find a house that meets all your needs but only a few of your wants. In such cases, it’s important to have flexibility. Evaluate how critical your wants are and whether alternative solutions exist. For instance, could a want like hardwood floors be achieved through renovation? Remember, cosmetic changes are often possible later on, whereas changing the location or the fundamental structure of the home is not.
Long-Term Planning
Think long-term about your housing needs. While it’s important to have a home that works for you now, consider how your needs might change in the future. For example, a growing family might prioritize extra bedrooms or a flexible space that can be converted as needed.
Financial Considerations
Balancing needs and wants also involves financial planning. Needs often represent a significant investment in your budget, so it’s crucial to manage your finances accordingly. Wants, while appealing, should not overextend your budget. It’s advisable to have a clear idea of what you can afford before you start house hunting, which can help prevent emotional decision-making that could lead to financial strain.
Utilizing Professional Help
Navigating a limited inventory market can be overwhelming. Employing the services of a real estate professional can provide guidance and an edge in your search. Realtors have insight into the nuances of the market and can help you find a home that meets your needs and fits within your budget. They can also aid in negotiating deals that might bring a house closer to fulfilling some of your wants.
In the end, buying a home is a balancing act, especially in a competitive market. By clearly defining and prioritizing your needs and wants, you can make informed decisions that balance practicality with desire. This strategy not only ensures that you find a home that suits your essential needs but also keeps the door open for future enhancements to fulfill some of your wants. Remember, the perfect home doesn’t need to have everything from the start—it simply needs the potential to grow with you.
And hey, if you still can’t find anything, give me a call, and let’s talk about buying land and building! Modulars are making quite a comeback and, in many cases, can be built in under a year from start to move in! Or, check out one of our many premium home builders in New Hampshire and design a home exactly as you want it.
This article was written by Randy Miller. Randy is a Realtor®
at Roche Realty Group located in Meredith, NH, and can be reached at
(603) 279-7046. Please feel free to visit www.rocherealty.com to learn more
about the Lakes Region and its real estate market.
