Buy a Home Orlando Series - Lesson 2 - Needs vs Wants

Dec. 8, 2009 - PRLog -- How to Buy a Home
It begins with Preparation

When thinking about buying a home the first mistake many home buyers make is run out or go online and start looking at houses.  To minimize mistakes and maximize your time, you must resist the urge to start looking for houses.  Instead you need to be prepared before looking at your first house.  Your success is contingent how well (or poorly) prepared a home buyer is prior to making the purchase. This preparation does not need to take a great deal of time, and most of it can be done from the comfort of your home, but it is important to spend some time getting ready before running off to look at specific homes.

In this article, which is the second of the series, we will discuss evaluating your needs and wants in a new home.
Know your Needs and Wants for buying a home.

I have a theory, one reason for the housing mess we are currently was partially caused because of this very lesson.  I've talked with many homeowners and sellers over the years and their wants were substantially more than their needs.  "I really didn't need a big house with a view of the lake but I sure did want it."  "I really didn't need that 60" Flat Screen High Definition TV but I sure wanted it and we took out a second loan on the over inflated equity of my house."  We've become a society of more wants than needs.  Because of this lack of financial and emotional restraint the housing market is correcting itself to realistic levels. But in the laws of economics one's loss is someone else opportunity. We as a nation have a chance to do it right this time buy being more educated, informed, and showing "I want" restraint.

Unfortunately the mind set of many people is their needs and wants are interchangeable concepts.  They are not and they have quite different meanings.  In simple terms a Need is something required.  A Want is something desired.  Not making this simple distinction before purchasing your new home can be very costly in the long run.

This is not to say your dream home cannot have what you want.  But instead you have to be very clear to separate true needs from your desired wants.  Ultimately your budget will be the determining factor and not a wish list.  Also note many of your wants can be changed in a particular home, if the house doesn't have a feature now you can change it later.  The Rolling Stones summed this up with their song "You can't always get what you Want" "...because if you try sometimes you'll get what you Need."

The important lesson here is determine your needs in a new home and keep them separate from your wants. This simple exercise will greatly increase the probability your dream home doesn't turn into a money pit or nightmare.

Take a few minutes to develop your own list of NEEDS and WANTS. Provided is a form to assist you complete this task.  Checklist

If you are married one approach to consider is for you and your spouse complete the checklist separately.  Then sit down and compare and explain why each of you consider features as a need or want.  This approach will shed light what is considered important to you and your spouse.

When looking at houses, the checklist will keep you focused on what is important.  Because when you start looking at houses your emotions will likely turn you in a direction which is not in your best interest.  One person told me I don't know what I was thinking when I bought this house, the lake view wasn't a need or a want, but when I entered the house I just had to buy it!!  Don't fall into this emotional trap, the check list will keep you on track, focused, and reduce time spent in the house hunting phase.

The goal is to find a home which includes all your needs and as many of your wants which remain within your budget.  Speaking of budget, the next article in the How to Buy a Home Series we'll discuss the financial piece of this puzzle.

Your Real Estate Resource
www.BuyerFL.com

If you are an existing home owner or future home buyer, take advantage of this tremendous Buyers market we are currently in. When you add up the below market prices, historically low interest rates, and the new federal government tax credit there has never been a better time to own a home or upgrade your current home. Think about it!

Your Real Estate Resource is a professional Orlando Florida home buying company that buys houses at a discount and passes this discount on to our home buyers. Interested living or investing in Orlando Florida? Contact us houses for sale,because despite what the media says, this is the best time to be in real estate. Please visit our website at We Sell Houses or call 407-574-8775 to complete our buyer questionnaire to help us better find your dream home.

We Sell Houses in and around these surrounding locations of Orlando Florida

Altamonte Springs | Apopka | Avalon Park | Bay Lake | Belle Isle | Edgewood | Lake Buena Vista | Maitland | Ocoee | Orlando | Winter Garden | | Waterford Lakes | Winter Park | Eatonville | Oakland | Windermere | Azalea Park | Bay Hill | Bithlo | Christmas | Citrus Ridge‡ | Conway | Doctor Phillips | Fairview Shores | Goldenrod‡ | Gotha | Holden Heights | Hunters Creek | Lake Butler | Lake Hart | Lockhart | Meadow Woods | Oak Ridge | Orlo Vista | Paradise Heights | Pine Castle | Pine Hills | Sky Lake | South Apopka | Southchase | Taft | Tangelo Park | Tangerine | Tildenville | Union Park | Wedgefield | Williamsburg | Zellwood | Plymouth | Reedy Creek Improvement District‡ | University Park | Vineland | Altamonte Springs | Casselberry | Lake Mary | Longwood | Oviedo | Sanford | Winter Springs | Chuluota | Fern Park | Forest City | Geneva | Goldenrod | Heathrow | Midway | Wekiwa Springs | Kissimmee | St. Cloud | Campbell | Celebration | Citrus Ridge‡ | Lake Buenaventura | Poinciana | Ashton | Bull Creek | Deer Park | Harmony | Holopaw | Kenansville | Intercession City | Lake Marian Highlands | Narcoosee | Reedy Creek Improvement District | Yeehaw Junction

# # #

We are company that buys houses at a discount and then passes that discount on to our buyers. Interested living or investing in Orlando Florida? Contact us because despite what the media says, this is the best time to be in real estate.