I think for any family or person the discussion of needs vs. wants always occurs. I think these discussions happen a lot between husbands and wives: "Honey, I need that new Range Rover." "Yes dear, and I need that golf membership." I bet many of you have had those exchanges and if you are by yourself, that mirror has a funny way of reasoning with you. "Mirror mirror on the wall, I need that new outfit." and the reasoning conscious says back, "No, you want it but you don't need it, better take a look to see what the Rack has on sale." So how are decisions reached when buying a house if there are most definitely needs but there are always lots of wants? I think the best advise is to try to get a little of both. If you can get most of your needs and some of your wants, then why extend too far? I always say, "If you get everything that is needed for $800,000 why spend a million and possibly stress yourself out down the road?" And by the way, I didn't get the golf membership and she got a Chevy.
This is Dave, from The McLaughlin Group, keeping it real in real estate!