Wants versus needs: Find your perfect balance

Whether it’s your first home or your forever home, becoming an owner is an emotional process. Features and finishings, size, location, amenities and of course price, all come into play. The sheer number of choices can feel overwhelming.

In this issue of New Home + Condo Guide, we chat with Lynn Harrison, a real estate marketing expert and principal at Harrison Marketing Resources. She shares her top tips to identify the difference between features you’d dearly love to have and the ones you truly need.

New Home + Condo Guide: There’s no question new homes today are constantly upping the quality and features. How can a buyer navigate the homebuying landscape to find the right fit?

Lynn Harrison: It might sound obvious, but taking a long, hard look at your lifestyle is the starting point. How do you actually live? What features do you need in order to be happy, and what could you give up if you had to? What are your current and future lifestyle and financial priorities?

For example, during COVID, having a dedicated home office or, in some cases two, became a need for many people. But now, as companies begin calling their employees back to the office, people are reconsidering whether that extra space could be put to better use—perhaps as a guest suite for aging parents—or eliminated altogether.

There are also features such as a balcony that many people consider to be a necessity. But think about it. If the only thing you use your balcony for is to store spare tires and perhaps a couple of bikes you rarely use, you might be better off purchasing a unit without one and either saving some money on the purchase price or increasing your home’s square-footage.

However, a person who barbecues several times a week year-round and spends most balmy evenings outside might well consider it a need, since giving it up would significantly compromise their day-to-day enjoyment.

NH+CG: Okay, if we’re looking at size, is bigger really better or is it just more expensive?

LH: Again, a lot depends on your circumstances and what goals you have for the next year, five or 10 years.

Statistics have shown that a two-bedroom condo will sell faster than a one-bedroom, the same as a one-bedroom will typically out-sell a studio. So, if this is a stepping stone, perhaps while you attend university, or if you know your job may entail a move in the near future, it’s to your advantage to factor in the potential resale value.

Number of bathrooms is another consideration. In a townhouse, it’s easy to think you need three—an ensuite as well as a full bath on the upper floor plus a powder or second full-bath on the main. If you’re a growing family and you’re expecting lots of out-of-town guests, you probably do. But if you’re single or a couple who seldom entertain, you can likely be quite comfortable with just two.

NH+CG: Any advice about beating the Fear of Missing Out (FOMA) or buyer’s regret phenomena?

LH: Sometimes, especially if it’s your first home, it’s easy to get caught up in the FOMA and get so focused on the idea you have to buy something, anything, especially in a hot market like we saw at the beginning of the pandemic, that people simply buy the first home they can. That’s usually a mistake because you may be sacrificing features that contribute to your everyday happiness.

But regardless of market conditions, taking time to consider your goals and lifestyle will help you find the perfect balance no matter how long you plan to live in your new home.