Real Estate Planning December 25, 2023

Define Your Needs and Wants:


Defining your needs and wants is a crucial step in various decision-making processes, such as purchasing a home, buying a car, or planning a vacation. Here’s how to differentiate between needs and wants and why it’s essential:


  1. Essential Requirements: Needs are fundamental requirements that are necessary for survival, well-being, or achieving a specific goal.
  2. Non-Negotiables: These are items or features you cannot compromise on and are essential for meeting your basic requirements or objectives.
  3. Examples:
    • For housing: A specific number of bedrooms for your family size.
    • For a car: Safety features like airbags and anti-lock brakes.
    • For a vacation: Basic accommodations and transportation.
  4. Prioritize: Needs should be prioritized over wants, as they are essential for meeting your basic requirements or fulfilling a specific purpose.


  1. Desirable Features: Wants are items or features that are desirable but not essential for survival or achieving a specific goal.
  2. Preferences: These are the features or qualities you would like to have but can live without if necessary.
  3. Examples:
    • For housing: A swimming pool, upgraded kitchen appliances, or a specific architectural style.
    • For a car: Luxury features like a sunroof, premium sound system, or leather seats.
    • For a vacation: Upgraded accommodations, dining at upscale restaurants, or engaging in premium activities.
  4. Prioritize: Wants are secondary to needs and should be considered after addressing essential requirements.

Importance of Defining Needs and Wants:

  • Decision Making: Clearly defining your needs and wants helps you make informed decisions based on your priorities, preferences, and available resources.
  • Budgeting and Planning: Understanding the difference between needs and wants enables you to allocate your resources more effectively, budget accordingly, and prioritize spending on essential items or features.
  • Satisfaction and Fulfillment: By identifying and addressing your needs while also incorporating some of your wants, you can create a balanced and satisfying experience that aligns with your goals and preferences.


Defining your needs and wants is a fundamental aspect of various decision-making processes, enabling you to prioritize effectively, allocate resources wisely, and make choices that align with your goals, preferences, and values. By understanding the difference between needs and wants, you can achieve a balance that meets your essential requirements while also incorporating desirable features or qualities that enhance your overall satisfaction and fulfillment.