House Buying: Need vs. Want

Armed with a realistic price range, you can now start the process of finding that perfect home. Here is also where you have to keep a level head and think about what you "need" versus what you "want" in a home. Hopefully you can get both, but be prepared to give a little on some things that you don't really need. Keep in mind that finding the perfect home isn't always possible simply because it may not exist.

Make a list of things you absolutely need, like three bedrooms, a backyard, a good school district, etc., as well as a list of the things you want, like hardwood floors, skylights, a "smart" house or a large foyer. Then prioritize those things. If you find a house that comes close to having all of your NEEDS but doesn't have everything you WANT, give it a second look. By keeping these distinctions in mind, you'll prevent yourself from prematurely ruling out certain houses without seeing them first.

While this house has hardwood flooring, built-in book shelves, and a gas fireplace, it does not have the formal living room the buyer needs for entertaining.