If money were no object, we'd all own our dream homes.  Thankfully, life is not quite that easy.  Most of us have to work up to the homes of our dreams, and we earn a level of self-appreciation for having done so.  First time home buyers face the question of "What do I really need?" vs. "What do I want?" when looking for a home. 

Start by writing a brief description of your basic acceptable home.  Then make a list of common home features such as: bedrooms, bathrooms, size, yard, garage, age, condition, living room, dining room, fireplace, pool, spa, stories, schools, area of town, etc.  Then for each feature, list its level of importance and your minimum needs and wants. 

Once you've completed this exercise, consider your current lifestyle and anticipated life changes.  If you are newly married and thinking of starting a family, then the 2 bedroom condo that meets your basic needs today may very well not meet your needs in a year.  Since you'll likely be in your home for 2 - 5 years at a minimum, you may want to adjust a few of your needs to accommodate anticipated life changes now, rather than later.

Answering these questions early on in the house hunting process will help your real estate agent identify homes that meet your basic needs.  Contact me to receive a free copy of my Buyer Questionnaire which will help you get a jump start on analyzing your housing needs. 

The exciting news is that in many cases you will also be able to find a home with many of the items on your ‘want' list.  I remember the excitement of one client who bought their first home which met their basic needs:  3 bedrooms, 1 bath, single story, nice neighborhood and fenced in yard.  The exciting part for them was the things they were able to get that were on their want list:  a large yard with a fenced in pool, basketball area, dog pen and a second full bathroom.