All purchase decisions start with either a need or a want; there’s a big difference between the two.

Economic Glossary defines need as a “physiological” or “biological” requirement to maintain life. Whereas want is a “psychological” yearning that makes life more enjoyable but is not necessary to maintain life.

It’s important for you to determine if your decision to own a house is based on what you need or on what you want and what your lifestyle is. (more…)