select
|

Buying a new home? Sometimes what you want isn’t what you need

Purchasing a new home is a very exciting time, however most homebuyers will attest to the fact that they don’t always get what they want - or at least everything they want. 

Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, says that most buyers will have a budget that they will need to stick to, which may mean letting go of some of their wants and focusing on their needs. The question is how do homebuyers distinguish between what they want and what they need?

“Buying a home can be a very emotionally-driven decision making process, so it is not always easy to discern between a need and a want. It is sometimes hard for buyers to let go of certain wants, especially if they have an idea of what their dream home entails. However, a buyer’s dream home isn’t always the right home for their current circumstances,” says Goslett.

He adds that sitting down and making separate lists of wants and needs will save countless hours of time and energy during the home searching process. Goslett gives a few tips to assist buyers in determining which features should appear on which list:

Can you live without it?

While a want is a feature that would be nice to have, a need is something that the buyer simply can’t compromise on. These are different for every buyer and are based on both their current circumstances and future plans. For example, a young couple who are planning on starting a family would see proximity to good schools a need, along with an extra bedroom. For older buyers perhaps the layout of the home would be more important, opting for a single-story home over one with stairs. On the other hand, upgraded fittings throughout the home might be appealing, but is something that the buyer could live without if necessary.

Could the feature be added or changed?

There are certain features, such as the home’s location, that cannot be changed. Goslett says that these are the elements that buyers should focus on when determining their needs. The home’s position in relation to the buyer’s place of work and amenities such as public transport, shopping facilities and schools are very important to consider.  Aspects that can be added at a later stage or changed should be of less importance and placed on the wants lists. These would include features such as a deck or certain type of flooring, even an extra room if there is space to add on to the home at a later stage. A reputable, experienced real estate agent or home inspector could assist the buyer in determining the cost of future renovations or additions to the property.

Discuss it with your real estate agent

A real estate professional with be able to provide an objective point of view during the decision making process. While most buyers will be driven by emotion, a real estate agent will be able to provide guidance based on the facts and figures. An agent will be able to help the buyer visualize the day-to day reality of living with or without a certain feature that they want.

“Determining the difference between a want and need will make the decision part of the home buying process far easier. While buying a dream home is a good aspiration to have, it is more important to buy the right home,” Goslett concludes.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 19 Feb 2018
      The PayProp Rental Index Annual Review of 2017 shows that the rental market suffered from much volatility during the year. It kicked off with rental growth spiking in January with weighted year-on-year growth (YoY) growth peaking at 8.3% before dropping to 6.34% in July, dipping down to less than 5% in November and then experiencing a slight uptick at 5.75% in December.
    • 19 Feb 2018
      While most homes in cluster complexes, estates and other gated communities come with at least one garage or carport, residents would often like additional permanent parking or storage areas for things like trailers, bikes, boats and caravans.
    • 16 Feb 2018
      Whether you own a property in a sectional title complex or are looking to invest in one, the financial standing of the body corporate is the single most important thing that can affect your investment or your buying decision.
    • 15 Feb 2018
      One positive consequence of the financial crash in 2008 was the rise in consumerism, especially in the property market, where buyers have steadily become more knowledgeable and more value conscious.
    • 15 Feb 2018
      While most homeowners will take the agent’s commission into consideration when they are trying to determine what the will get out from the sale of their property, many often forget to factor in the other costs involved in a home sale, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 14 Feb 2018
      The forecast for the national rental market in 2018 remains a mixed bag of good news and bad news. Although rentals are expected to rise slowly as the challenges of home affordability and tighter lending criteria tighten their grip, it’s a double-edged sword as the market also will come under increasing pressure from factors like declining disposable income levels.
    • 14 Feb 2018
      While you may not have intended to place your home on the market, what do you do if you receive an unexpected offer on your home? In areas where demand outweighs the current supply of homes available to buyers, it is not unheard of to have buyers make offers on homes that aren’t on the market, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 14 Feb 2018
      If you are looking to sell your home this year, Debbie Justus-Ferns, divisional manager of Renprop Residential Sales, says that there are five crucial things to do before the ‘for sale’ sign goes up.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK