Feel like the home-buying process is a complete mystery? Does it seem like everyone else knows what they’re talking about and you’re totally confused? Kip’s got you covered- follow along as he walks us through all the steps of buying your first home.

Step Two: Needs vs Wants

Make sure you know your Needs vs Wants. Home buying is great, but the myth of the ‘dream home’ makes 1st-time buyers think they can have everything, and usually the budget limits that. You want to know what are your non-negotiables, and which features are things you could update later or live without.

A need is…. Something essential to making a house work for you. Examples: walking distance to a bus route, or enough bedrooms on the same level for you and your kids. And you should probably only have 3, maybe 5, actual NEEDS when you get down to it

A want is…. Something that would be ideal, but you could live without. Maybe you NEED a yard for the dog, but you WANT a 20 minute commute to work. You may need to buy farther out to get the yard. And don’t forget, a lot of wants within the home can be updated later. Want a home theatre? You could save up to add one to an unfinished basement.

A lot of 1st time buyers get discouraged, especially if they are mostly looking at homes that are full of great features but outside the budget. And in today’s competitive market, we’re certainly not seeing homes go for less than asking price very often. So really honing down your essential needs, plus you’ll already know your budget from getting preapproved, means you won’t be spending a lot of time looking at homes you can’t compete for. And it helps you know a great fit for you when you see one!