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Buying A Home: Your Needs And Wants and The Ben Franklin Close.

O.k. so you've Decided to it's time to Buy a Home.  Now what?  How do you prioritize?  You know you probably can't have it all - but you Want to!  It can be confusing and frustrating trying to separate your Needs from Your Wants.  Especially when you Need your Wants!

It's important however to distinguish between the two.  Reality dictates that the chances are you won't be able to have "Everything you Want".......but the hope is that we can get you everything you NEED and then some!  But what's the Sum of the Some?

Ever heard of the Ben Franklin Close?  Well this is a variation of it.  Take a piece of paper and divide it into two columns.  On the one side write down - "Must Haves"  - or  "Non-negotiables" and on the Other Side write down "Wants but Not Essential".

Identify features you need and want.  Is the location a non-negotiable?  What about the square footage or bedrooms?  Do you have to have a Garage or a Workshop?  Or do you need to Have one level living?

Now lets flavor it up with the 'Wants'.....What would spice it up for you? What are the things you would like  have if thy were available and you could afford them?  Large lot - workshop? Or Fancy Ensuite or jacuzzi? View?

Remember, the time you take to think about these things now will prove invaluable.   Also remember that if you're purchasing with a Partner - you should both have your own lists - AND - then come together and jointly decide what your priorities are!

Later when you're trying to decide which home to purchase - and if there is more then one that you're considering - you can use the orginal version of the Ben Franklin close.  This time you'll divide the page into two - and do Pro's and Con's.........it's effective this way too.  And not so that a 'salesperson' can close you!  But so you can identify the house for you! :-)

Oh and a Reminder - make sure that you've taken the time to have yourself pre-qualified - you want to know exactly how much you can afford and what it is that you choose to spend.  Otherwise it doesn't really matter what your List says - if you find out later you can't afford it!  

Take your lifestyle into account and the things that could enhance or detract from your daily enjoyment. Then add these preferences to your needs or wants shopping list.

It goes without saying that a Professional Realtor will help you through this process.  If you're serious about buying your dream home call me! It's my business to help you make your home ownership dreams come true! 

                                       

If you or someone you know is thinking of Buying or Selling property in Cultus Lake, Chilliwack, Hope, Abbotsford, Langley or anywhere in the Fraser Valley Area of B.C. - or if you would like more information please give Liz  Moras of Landmark Realty Chilliwack a call at- 604-799-0459 or e-mail at lizmoras@gmail.com.     

Copyright © 2009 By Liz Moras, All Rights Reserved. All photos taken by Liz Moras and copywritten.  Please do not use without permission.   Information provided by this author is only an opinion, it is not guaranteed, may be based on information collected from several sources, and may be time sensitive.  It is not necessarily representative of the opinions of Landmark Realty Chwk. Ltd.   

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15 Comments on Buying A Home: Your Needs And Wants & The Ben Franklin Close

DEC
13
2009
217,258 Points 2 Featured Posts

Sounds like a pretty good plan, but what makes it the "Ben Franklin" close?

11:49pm • #1
172,110 Points 4 Featured Posts Outside Blog Attended Rain Camp

I was wondering that too...

11:50pm • #2
680,542 Points 18 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

That is a great post and very helpful for those considering buying.

11:52pm • #3
DEC
14
2009
372,750 Points 10 Featured Posts Called Shot Master

Liz, this is a great tool to help buyers see what they need as opposed to what they want but I don't understand why it's the Ben Franklin close either. Shouldn't it be the Stones close?

12:09am • #4
399,851 Points 12 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp

I think I need the Canadian to give me a Ben Franklin history lesson? But I do love the lists!  They help so much!

12:43am • #5
525,005 Points 33 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Here we go :-)

One of my favorite negotiation tools is rich in US history. It was developed from something one of the founding fathers did.

In his autobiography Ben Franklin tells of a tool he developed to help him make important decisions. Sometimes he was faced with a choice between two different courses of action to take.

When he wasn't sure which course to take he would first get out a blank sheet of paper. Next he would draw a big "T" on the paper. On the top of one side of the "T" he would write the word Pros and on the other side he would write Cons.

Next he would then brainstorm and write down all the pros he could think of for going ahead with the decision. Then he would write all the cons he could think of for not going ahead with the decision.

When he was done with that exercise he said his answer as to what to do was clearly there right on the paper. The one side would have a lot more items than the other side and that was the side that told him what to do.

 The reason I like what is referred to as the "Ben Franklin close" is because it creates a win-win by getting to truth for the customer.

1:06am • #6
581,820 Points 11 Featured Posts Outside Blog Hit Router Attended Rain Camp Called Shot Master

Hi Liz...Good tips for first time or any home buyer.

 

1:16am • #7
1,546,135 Points 417 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Interesting.  A good buyer's agent can help a consumer focus on these things too.

Don't leave us out of the process.  Unless the lender is going to help select areas, show homes, help the buyer focus on the market, selecting an experienced buyer's agent should, IMO, preceed selecting a lender and getting pre-qualified.

 

5:20am • #8
443,601 Points 19 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

I like the needs and wants list being separate.  In most cases, as you said, they won't be able to have everything they want and the list makes it very clear and you can concentrate on the needs and the wants are gravy!

6:28am • #9
875,202 Points 35 Featured Posts Localism Sponsor Outside Blog

Liz, I've found out it's as important to know what I don't want with as much as I do.  You're so right, some things are not negotiable and when you communicate that to your realtor it can save you both a lot of time and energy.  Great post!

8:53am • #10
591,941 Points 22 Featured Posts Outside Blog Attended Rain Camp

I love the idea of having the CLIENT make this list in advance! It can save a whole lot of headaches after inspections! I'm going to put this into practice, using what our contracts spell out as cosmetic and structural.

9:50am • #11

Sometimes it can be very revealing just getting people to separate their needs from their wants from their goals.

Happy end of year!

7:46pm • #12
DEC
15
2009
422,778 Points 20 Featured Posts Localism Sponsor Called Shot Master

Hi Liz, I very much like this approach and have used it several times when there was a decision to be made.  I agree with you, I would prefer to have the buyer pre-approved before they fall in love with a house that they cannot buy.

10:43pm • #13
DEC
20
2009
451,458 Points 2 Featured Posts

Liz, I loved this, and learning the history of Ben's use of this. Thanks.

11:12am • #14
DEC
29
2009
525,005 Points 33 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Thanks for the comments! Sorry I didn't get back to you all! :-)

1:34pm • #15

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Liz Moras ~ Chilliwack Realtor, Garrison Crossing,Chilliwack, Abbotsford

Chilliwack, BC

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