At some point in the home-buying process you’ll be confronted by a selection of homes. Choosing the home that’s right for you can be easy or hard. It’s wise to spend the time up-front and decide what’s important to you. A key distinction to make is what is it you NEED versus what is it you WANT. The two are quite distinct and it’s easy to mix the two unless you consciously separate them.

By focussing on the bare essentials, you can start to look at properties through different eyes. Further down the track, you may find that the lush greenery and beautiful decor of house number 1 is not as attractive as run-down house number 2 that’s been a rental property for 5-years. Why? Because you start to look past the superficial décor and realise that house number 2 meets all of the ‘needs’ criteria, and it’s on for a great price. You can start to draw up a plan for adding on the ‘wants’ at a later stage and then plan the exciting task of remodelling the home to be exactly what you need and want.

Needs will differ from one person to the next.

A few examples of the most common ‘needs’ are listed below – these are areas where compromise may not be an option: -

Price range Most of us have an upper limit on price. No matter how perfect the property is we can’t spend too long wishing for something that’s outside of this range. Remember though, price is often negotiable, it does not hurt to ask if the vendor has some flexibility.

Location Most of us classify location as a “need”, whether it’s being close to work, shops, entertainment, family and friends, or quality schools – this is one that you’re likely to have near the top of your list.

Number of bedrooms There is usually a lower limit that the property “Must have”. Whether you already have a family, are expecting more children, or are taking on-board your parents. This is usually a key factor that dictates whether a property meets your needs. Another thing to consider is how your family may grow in time. Even if you are not planning a second child, you never know what may happen – and again, you don’t want to be in a situation where you are forced to move in the short-term due to an increased family.

House size This is normally a need, though it’s not often consciously called out. We all need a certain amount of space, and when walking through a property you may decide that it just feels too small. Make a note of the size (sqm or number of acres) and hone your senses so that you know what your need is with respect to house size. 

Resale Value For investors this could be considered a “must-have” – especially those that are looking at holding a property for a relatively short period of time – though it’s a factor that everyone buying a home should consider. Bear in mind that some day you are likely to sell your home. Choosing a home with a high resale appeal will help improve your return.

Neighbours Sometimes it is obvious that a house won’t be right for you because of the neighbours – maybe the property adjoins another that is used for purposes that you don’t feel comfortable with.

Views Whilst views won’t be important to everyone it is included as an example of an aspect of the home that you either have or don't have. Like location, there are some things about a property that you won’t be able to change, so it’s important to judge how important these are to you. 

Structural soundness This may be hard to determine early on, but it’s got to be high on your list of must have’s. Unless you are buying a knock down, it’s wise to get the house inspected for structural soundness. Typically this is a final (yet important) check, as it invariably incurs costs.

A few examples of the most common ‘wants' are listed below – these are areas where you may be more inclined to compromise: -

No. of bathrooms This may be a must-have for some, but don’t automatically rule out a property just based on the number of bathrooms – these can normally be added.

Kitchen In some homes the kitchen is the room that is used more than any other. This is the room that gets the most attention during the inspection. A great kitchen will generally be high on the agenda for most buyers.

Landscaping A beautifully landscaped property usually adds to the value of a property and again rates highly on the list of wants.

Storage Space Inadequate storage space may leave you with a home that looks like it is full of clutter. Fitting cupboards as an afterthought can leave you with rooms that have a much smaller (usable) space.

Decor The décor of a home stimulates the emotions. It creates a certain ambience that can ‘seal the deal’. Buying a home that you can immediately live in without the need to change the décor is very appealing. This should rate on the ‘wants’ rather than the must have’s. It’s one of those areas that can be easily changed, and, in fact, the décor is one of the areas that can help secure a deal if it’s not up to scratch!

Swimming Pool / tennis court Very popular ‘nice to haves’.

This is just a small sample of needs and wants – and you may classify the list quite differently – Build your own list and use it when you start your search. Alternatively on our website (www.inconjunction.com.au) you can upload a checklist for free!

There is a third category here – the MUST NOT HAVE category. These are features of a property that you won’t accept. Including this on your checklists can again be useful in helping you decide whether a particular property is right for you.

Be strict about your needs versus wants. The list of real needs will be fairly short. Letting this list get out of control can leave you with a very limited range of properties to consider.

Need more Info? For a more extensive list of Wants vs Needs, CLICK HERE where you can download one of our pre-prepared Checklists!