There is much to consider when you want to buy a home.  Switching from renting to homeownership is highly challenging, but an exciting and amazing decision to make.  Owning your first home is the first step in the decision toward the home we’ve all been dreaming of.  Because, at the end of the day, as we all know, there is no place like home.

NEEDS vs DESIRES

After you’ve decided to buy the home, what sort of home it will be is your next decision point.  It’s a better approach to have a rather concrete vision in mind of what type, features, and amenities you want in your home, rather than a “shotgun look” at every listing that’s out there in your price range.

Imagine your dream home.  It fulfills both your needs and desires.  It fits the need for a good roof over your head, a sturdy structure, modern fixtures and appliances, living space (i.e., bedrooms, living room), and functional rooms (i.e., kitchen, bathroom[s]).

Your needs fulfilled, your turn to your desires.  A home on the beach or in the woods, a gourmet kitchen, wood-paneled den, crystal chandeliers over a banquet table in the manor-sized dining room, and an Olympic-sized swimming pool with a hot tub and sauna.  In your first home, you must ensure all needs are met; however, there are probably going to be some desires that you’ll have to let go (for now) due to affordability issues.

Budget usually constrains us most in selecting the dream home.  While some things are necessary for any home (as mentioned, the good roof, a working furnace), others will just stay on the list of desires for now (the sauna or that home in Beverly Hills).  The key lesson here is to really know the house that you’re buying and can afford.