Property Wants vs. Property Needs
It really is the great Australian dream to own your own home. When it comes to choosing the right property, however, that’s when you may begin to feel a little overwhelmed. With so many choices out there, it can be difficult to narrow down the perfect space for you.
That’s why it’s a good idea to draw up a literal list of ‘wants’ and ‘needs’ prior to house hunting. Not only will it save you time, but it could save you money once you’ve separated your ‘nice to haves’ from ‘necessities.’ That way, you’ll have a clear understanding of what you truly need and what can be nice to have but you can live without.
What to Consider When Listing Your Needs Vs. Wants
1. Budget
Budgets are key, and in this case your budget will determine what you can have in terms of a house design, land size, and amenities. When deciding if a feature is a want or a need, ask yourself if your budget allows for it. Can you afford to pay for the home, or what amount of mortgage can you potentially get?
Be ready to compromise on some things if you can't afford them. For example, a pool might sound appealing - but can you really maintain the upkeep and other costs associated with owning a pool?
2. Location
The area you want to settle in will determine the value of land and houses. Maybe you want a home near your kid's school that’s also convenient to your place of employment? If you happen to work in the city, it goes without saying that homes in close proximity to large metropolitan cities will be more expensive to build or buy.
A well-situated property will increase in value over time, which may take off some of the pressure of needing to buy a home that’s within 10 kilometres of the city. If location is a want rather than a need, then you can definitely compromise by looking at locations that are in growth areas.
3. Standard Features
Love the idea of a big backyard for your pets, a separate dining room for guests or even an extra bedroom for when the family stays over? It’s important to note that these additionals can add to the cost of your home. So, it’s better to start off with your standard features - the things you cannot compromise on. For example, how many bedrooms you need, the land size, where you’ll park your car at night and so on.
For instance, if you have a big family with kids of varying ages and two cars, you may need a big house with enough bedrooms and bathrooms, as well as a double garage - or at the very least, ample street parking.
4. Upgrade Features
Features such as a master bedroom with an ensuite, heated floors, stone kitchen bench tops, al fresco spaces or walk-in robes are just some examples of the ‘wants.’ Sure, they may be nice to have, but are they essential? You’ll know the answer when you determine the additional cost and realise they can’t be justified if you’d like to stick to your budget.
At Hotondo Homes, we want you to have a hope you’ll love for years to come.But at the same time, consider your finances and if you truly can live without all your additional extras. Be honest with yourself and ask the hard question: “Do I really need this?” You may be surprised to discover that you don’t really need that walk-in robe after all.
Are you willing to compromise?
The bottom line is that you need to be flexible enough and willing to compromise on some aspects of your new home’s design features. You may discover that some of the needs may change to 'wishes' or will be partially fulfilled during the initial planning stages and financial consideration. For example, you may have your heart set on a 4-bedroom design but reconsider a 3-bedroom home if it makes more sense to save on costs. Remember, the main aim is to get the best possible home and fund it comfortably.
Buying a Property? Hotondo Homes Can Help
Are you looking for land and a new home with the design you've always dreamed of? Hotondo Homes has been fulfilling the dreams of Australian homeowners for over 30 years. Our experienced builders are located around Australia. We offer a range of flexible designs, facades, and sizes to suit a range of families and lifestyles. Contact us today to see what we can do for you.
