| Assessing Your Wants Versus Needs |
| The decision to buy a home is a significant undertaking and an exciting task. It is also a chance to examine your financial picture and think about the future. Beyond that, it can give you a look into that future. Are you a young couple just starting out ? Are you nearing retirement, or planning for it, with the children having left? Or, as sometimes happens these days, with children who refuse to leave the nest? The needs of each person's situation will differ according to their life stage and choices. |
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This is the time to decide upon and weigh your wants against your needs. Where this line is drawn in the sand usually comes down to what you can afford. If you are affluent and reliably so, then you can lean towards your wants. If you are just starting your career, or your source of income could change, putting the highest priority on your needs.
It is easy to aim for too much in house size or amenities in times when the market favors the buyer over the seller. Even if it is the best deal you have ever seen, remember that the market and economic conditions change over time. Try to avoid the temptation of overbuying.
Let's consider some things that definitely fall into the "needs" category. If you are just starting out in the world, sit down with your spouse and discuss how many children you would like to have. It is good for children to have a environment. You don't want to buy a larger house over and over for another child coming. Do you run a business? If that is the case, shop for a home that will let you have an office and storage and processing areas.
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Now let's look at the items in the "wants" camp. First, consider how you live. If you entertain a lot then you might need to focus on a house with a formal dining room and kitchen or a deck and pool. If you don't see this playing a large role in your regular activities, then turn your attention to other interests. A rec room? An area for doing work on cars? Amenities that cater to a hobby or interest are a luxury, you must recognize. It may be a hard thing to accomplish.
The boundary that separates wants from needs is pretty flexible, and it will vary significantly between people based on their income, future plans, and how much skill and ingenuity they they are willing to apply to getting what they want. This is a good time to give some serious thought to just what it is you really need in your homebuying choices, as opposed to what you want, over and above the basics. Once you get the list firmly set, it's time to go find the home that's right for you.
This content was provided by your Denver home specialists of Colorado, Automated Homefinder. |
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| Denny Horner |
| 703-629-8455 |
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