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Buyer Tip: Needs Versus Wants

By
Real Estate Broker/Owner with Olsen Ziegler Realty

When I purchased my first home when I was 24 years old, I was greener than green and beyond wet behind the ears (probably because I spent four years in the Navy floating out on the water :-)).  I had absolutely no idea what I wanted or needed.  I had no ideal what really was important to consider when purchasing a home.  I was buying in a very strong sellers market in the Washington, D.C. marketplace and knew (from my agent telling me) if I didn't act fast, I probably would not be able to afford a home in the near future, which turned out to be accurate.

That said, after looking at several homes, I found one on my own and thought: "Hey, this one looks okay, I think I'll buy this one."

Now how sophisticated was that?  When I look back (with fond memories) of participating in the American Dream, I realized several things after one year of living in the home:

  • It was a townhome and I could hear my noisy next door neighbor snore (amongst other noises).  Our bedrooms were adjoining except for the dividing wall and I could hear his alarm clock go off in the morning if all were quiet.  He didn't believe me until I told him the time it went off.
  • My girlfriend at the time (who lived in an apartment and couldn't have one) talked me into getting a Labrador Retriever now that I was a homeowner, and a 12x22 foot backyard for an 80 pound maniac, swimming, retriever machine wasn't that most conducive environment. 
    P.S.  The book: How to be yor dog's best by the Monks of New Skete NY became my new best friend and saved my sanity in training a field/American Lab with energy that would have made The Terminator tired.
  • I didn't have a garage or carport, we had assigned parking in front.  So bringing in groceries or getting to and from the car in inclement weather, scraping snow off it (rare for DC), and visitors parking in your assigned spot and you had no idea how to find them as there were 40 townhomes within eyesight.
  • Noise.  Car doors (40+ nearby townhomes) slamming, activity, etc., all the time in a large townhome development made for a lack of serenity.
  • Shared backyard with the next door neighbor, no dividing fence.  The next door neighbor was a renter, and this renter was not very informed about townhomes and proceeded to scarf all of the firewood in my backyard as they thought it was theirs.
  • Lack of Privacy.  While I was young and liked to socialize (I still do), it did become a pain in the rear when there were a few people you wanted to avoid, but could not due to the proximity, and a 2 minute conversation turned into 15 at the end of the day when other things needed attention. 
  • There were many pluses as well: 2 minute grass cutting, little exterior maintenance, etc.

The point being is that sometimes buyers can really fall in love with the décor or design of the interior of a home, and miss the bigger picture for what their needs versus wants really are.  Depending on the stage of life, sometimes these needs and wants can morph very quickly, or not.  There are so many practical things to consider, that it pays to slow down, reflect, and prioritize and then use this list to compare against properties.  This is just one of many tools to consider.

What do you really need, versus what do you want?

Comments(11)

Khash Saghafi NMLS
Liberty Home Mortgage Corporation - Cleveland, OH
Mortgage Loan Officer, Cleveland OH NMLS 1114762

Hey Chris,

  This is an excellent post with a very basic concept -- needs & wants.  I tell people all the time, what they want is typically not what they can have.  Illustrating it in the manner which you did, lays it out very well as to the subtle problems that one can be presented with when not doing their due diligence.

Apr 13, 2009 02:21 PM
SarahGray Lamm
Allen Tate Realtors Chapel Hill, NC 919-819-8199 - Chapel Hill, NC
Realtor - 100K Hours of NC Real Estate Experience

Hi Chris! I frequently tell my buyers that I am happy to sell them what they WANT but they NEED to understand that my job is to make sure they don't miss the things that really matter in homeownership. Party walls would definitely be one of those things...hey, it's self defense. I don't want a call at 5 am telling me I didn't disclose that they would hear their neighbors every morning! LOL

The other big things are future sale-ability, taxes, potential for steep assessments or dues increases, deed restrictions, schools, structural issues...you get my drift. I'd rather they put their own solid surface countertops in than sell them a tricked out Kitchen in a subdivision of 600 homes that has only 10 homes out of the ground! Our younger generation are so used to instant gratification they frequently miss the forest for the trees!

Apr 14, 2009 01:44 AM
Chris Olsen
Olsen Ziegler Realty - Cleveland, OH
Broker Owner Cleveland Ohio Real Estate

Hi Khash -- Due diligence...a concept that is sometimes lacking today.  Great points you make.

Hi Sarah -- You make an excellent point regarding future sale-ability.  I think re-sale value is beyond huge, and something I rarely hear that agents discuss when they are with their buyers. 

Apr 14, 2009 02:13 PM
Gail Robinson
William Raveis Real Estate - Southport, CT
CRS, GRI, e-PRO Fairfield County, CT

Chris - Excellent post.  You illustrated some key points well with your own experience.  I recently had two clients who have health problems and difficulty climbing stairs fall in love with a townhouse with three levels.  Buyers get emotionally caught up in something they love about a property and it's our job to remain level-headed and help them think through the ramifications of their buying decision.  After they've really thought through the pros and cons and still want to buy the property that's their decision, but my job is to point out the potential negatives as well as the benefits of their purchase decision.

Apr 15, 2009 02:49 PM
Wanda Thomas
Montana Homestead Brokers, Broker, CRS, GRI, SFR, RN - Billings, MT
Billings Montana Real Estate

The part about the dog made me LOL.  Did you even have a backyard after a few weeks?

Apr 16, 2009 01:38 PM
Chris Olsen
Olsen Ziegler Realty - Cleveland, OH
Broker Owner Cleveland Ohio Real Estate

Hi Gail -- Level-headed, great tip, as well as thinking through the ramifications.  You serve your clients well.

Hi Wanda -- That dog was a double-edged sword -- she kept me hopping for her entire life, in fact, when I think about her to this day, I can feel the energy draining out of me! LOL...I made a good sized mulch area with a border for her to do her thing and believe it or not, the backyard was kept in great shape.  She would swim for a straight hour, I would take her on a 3-5 mile run, and 2 hours later, she was drilling holes in my head for more!

Apr 16, 2009 02:27 PM
Mesa, Arizona Real Estate Mesa Arizona Realtor
Homes Arizona Real Estate LLC - Mesa, AZ
AzLadyInRed

Chris, this is funny. I liked this post. I'm all about "what I want vs. what I need." Course, I'm on my 4th home and can afford to do that......no condos for me. ;-)

Apr 16, 2009 02:43 PM
Chris Olsen
Olsen Ziegler Realty - Cleveland, OH
Broker Owner Cleveland Ohio Real Estate

Hi Teri -- No condos for me anymore either...property #7 in 23 years -- I wish I became a realtor way back when! :-)  BTW...you have the most absolutely coolest signature!

Apr 16, 2009 02:56 PM
Mesa, Arizona Real Estate Mesa Arizona Realtor
Homes Arizona Real Estate LLC - Mesa, AZ
AzLadyInRed

Chris, thank you. You can have one too....Just go to mylivesignature.com and design your own. ;-)

Apr 17, 2009 03:29 AM
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Chris you are right! There are a lot of 1st time buyers that make this mistake. Going for glitz instead of practicality.

Apr 18, 2009 12:07 AM
Chris Olsen
Olsen Ziegler Realty - Cleveland, OH
Broker Owner Cleveland Ohio Real Estate

Hi Teri -- thanks for the tip, very cool.

Hi Bill -- Glitz doesn't get you very far eh?

Apr 20, 2009 03:39 PM