When it comes time to choosing the right property for you there are two main factors that you need to think of, Wants and Needs. Many people may think that Wants and Needs are the same thing but in reality, they are on the opposite ends of the spectrum. Studies show that 95% of people will buy a home that gives them a good feeling or has all of what they want, where 5% purchase a home that is the solution to a problem and has all their Needs.
Before you go and look at a home you have thought of certain features that the property must have that you cannot possibly live without. For example, you require the home to have/Need three Bedrooms two bathrooms, Back yard for the dogs and two car garage for your vehicles. These are classed as NEEDS. They are necessities that you cannot ignore due to your lifestyle and family. Needs can be altered and changed for example you found a 2 bedroom with a large rumpus room that could be changed into a third bedroom… The official report may not meet the needs but the outcome still does.
When wants come into play these are more classed as an added benefit or something to be desired. It is what we in the Real Estate industry call a wish list, it would be nice but not essential. They are features that you can live without but if a property were to have them it may be the deciding factor. Some Wants may include a pool, separate dining room, garden shed, ducted air-conditioning. As you can see that these features would be amazing to have in a property but if budget is a concern then they can easily be taken away.
Needs are much easier to identify then Wants. Peoples needs tend to revolve around a practical issue such as needing extra bedroom for a growing family. The best way for any person/family who is looking at buying a new home is to create a list of Needs and they are to be things that you NEED the home to have for it to be functional, and a list of Wants or a wish list of features that you may desire. This list will help you get the best property that will suit your lifestyle and to make sure it fits all of your requirements.
Keep this in mind when going to purchase a new property.