• 100-4300 Village Centre Ct, Mississauga, ON

Housing Needs vs. Housing Wants

Housing Needs vs. Housing Wants

It’s no doubt that Canadian buyers today are having to make the hardest decisions ever about what they want versus what they need in a new home. Referred to as housing needs and housing wants, these are things that buyers need to sit down and think about before they start looking for a new property. Plus, with the real estate market being ever so competitive, it’s a great idea to sit down with your partner and conjure up a realistic “wish list.”

Here is a comparison list of seven housing needs and wants that you should look at:

Big Yard vs. Small Yard

A big yard might be great for big neighbourhood barbecues and family get-togethers, but think about how much you will realistically use this outdoor space. Is a small patio and furniture set for 4-6 people enough? A spacious yard with a water fountain and large furniture tent might be a nice idea on paper, but a smaller patch of grass and backyard space shouldn’t be a deal breaker. Plus, think about how much lawn you are truly willing to mow and clean up throughout the year!

Chef’s Kitchen vs. Regular Kitchen

You could probably spends hours and hours on Pinterest looking up search results for “dream kitchen” or “kitchen fit for a chef.” True; a large double basin apron sink, custom-chosen backsplash, handmade dining table and chair set, and top-of-the-line oven would be fantastic! But as long as the appliances work, the structure is sound and the setup of the kitchen works well with the rest of the main floor, you should be set. Your “dream kitchen” can wait for another day in the future.

Bathrooms vs. Family Members

This is easily the most important feature to look at in a new home, especially if you have a large family! Think about what your regular day-to-day life will be and how that will work in your home – how many family members do you have? How many bathrooms do you think you will need? Do you want to share or have your own bathroom? Will all your family members be using the bathroom at the same time each morning or at different times throughout the day? Having the right number of bathrooms for your family should be your top priority because it’s the room that is used the most. Not to mention how the more bathrooms there are, the less arguments there will be!

Preferred Neighbourhood vs. Cheaper Area

You’ve heard it on almost every home-related show – “location, location, location” is key. And for good reason! The neighbourhood you end up living in determines what your experience at that home will be like and it will has direct influence on your public transit use, commuting times, school districts, community amenities, and your interaction with neighbourhoods. Finding a home in the neighbourhood that you are happy with might mean settling for a smaller square footage, so you should think about what you are okay with. Are you set on a specific neighbourhood, even if it means more money or a smaller home? Or are you willing to settle for a nearby neighbourhood that is a cheaper and has larger homes?  

Finished Basement vs. Unfinished Basement

This can be the ultimate debate for some home buyers. Think about what you think you will use your basement for – are you planning on renting it out as a sort of mortgage helper? Or are you simply going to use it as storage space for extra furniture, sports equipment and a laundry area? Discuss with your family members or partner what you’d like to use the space for and that will help you decide whether to put a finished or unfinished basement on your checklist.

Bedroom Count vs. Family Planning

How long do you plan on staying in this new home of yours? Do you plan on starting a family in this home? The answers to these questions will determine how many bedrooms you need. Or better yet, think of certain rooms in your home that could double-up as a multi-purpose room in the future. Could you turn the home office into a child’s bedroom or nursery one day? Could you re-purpose the basement with extra bedrooms or guest rooms? The last thing you want is to have to pick up everything and move again when you are pregnant or expanding your family. It’s better to think and plan ahead!

New Upgrades vs. Needs Upgrades

Of course everyone wants those stunning and new upgrades that improve the aesthetic of your home – marble countertops, new flooring, shiny new appliances. Before sprucing up your home though, take a look at some of the less glamorous upgrades you could take care of – updated heating and cooling systems, new energy-efficient double-glazed windows, updated plumbing systems, and eco-insulation installations. The glamorous upgrades can come later – the backbone of the home is what matters most!

We hope this list helps you realistically plan for your new home and get you into a home faster.

Source: RE/MAX and HGTV.ca