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Wants vs. Needs – How To Choose The Best Property For You

In the process of looking for a house, it is often easy to get caught up in the extravagance of expensive homes.  You should be sure to distinguish between your wants and your needs.

Even though you would love to have an enormous house with luxurious amenities, it may not be what you need and could make the house hunting process a lot more difficult.

Some examples of possible needs are a property you can afford, a house that you will love living in, a neighbourhood near a good school for your children, or a home within a reasonable distance from work.  Needs are things that you could not live without, while wants would be extras that you can live without, but would be nice to have.

Differentiating between wants and needs is also dependent on location in which you are searching for a home and the market conditions.  Looking at the Hanover MLS® listings, you can see that the type of houses for sale differ from time to time, and as the market changes, so may their list prices.  At times, it may be that there are lots of houses and few condos that fit your requirements, and other times, there may be more condos that fulfill your needs.  As these changes occur, you must consider your options and weigh them against your needs and wants; this could also cause your needs and wants lists to vary over time.

Here is a brief overview of factors that matter to most home-buyers:

Styles of Homes
In the Grey Bruce area, there are a variety of styles of homes available, and they are all categorized differently.  There are traditional single family homes, multi-units, duplexes, and various types of farms, recreational property, and cottages.  Architectural style and home plan can make a considerable difference in the cost of the home and the quality of living.  Expensive houses are often most tempting, but not ones that you can afford.  Similarly, smaller cottages or condos may appear low-maintenance and less costly but are not possible choices for large families with kids or pets.

Price Range
Though you may have enough money for the down payment and initial payment of the house you want from the Hanover MLS® listings, these are just part of the story.  Remember, you will be paying the mortgage on your home for the next two to three decades, and you must do so while having enough money to live your life and cross other financial milestones.  Before looking for houses, be aware of what you can afford to avoid disappointment or surprises.

Locations
If you are looking for a place to retire or a peaceful place away from the hustle and bustle of the city, Grey Bruce is the perfect place.  You have the option of waterfront properties which, although they tend to be more expensive in the initial price and maintenance, are beautiful places to live; there are small communities where you know everyone; you can also look into subdivisions full of families, children, and pets.  If you are looking for something more urban, try looking in the Owen Sound area, or another town closer to a city; this can cut down on your rural driving significantly.  Working with an expert, like those of the Key Exchange Team can help you identify requirements more realistically and make decisions that yield value.

 

 

(The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA. )

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