First Time HomeBuyer Tips - Make A Needs & Wants List




Buying your first home can be exciting - and can seem a little overwhelming at times! But it definitely doesn't need to be! Now is a great time to begin the process of becoming a homeowner this year.


A couple of weeks ago, I did a video on the first step to becoming a Homeowner - reviewing your lease! Last week I did a video on the next step to becoming a Homeowner - reviewing your credit report.


This week's video is making your Needs & Wants list. Why? Having a Needs & Wants list will help you, and your Realtor, make the best use of your house hunt time!


So what are Needs and Wants? Well, Needs will be those things you absolutely MUST HAVE in your home - for instance, you have 2 kids and work from the house - then you probably want to have a minimum of 3 bedrooms (so you are not going to want to look at 2 bedroom homes) - this is a NEED! But you also really would like to have central air in the house - but, for the right house in the right neighborhood, you may be willing to purchase a house without central air, because you are able to add central air in at a later time after closing - this is a WANT! And then there may be some things you don't really care about - for instance, you work out of the house, so commute time is not really an issue for you - this is an I DON'T CARE ABOUT THAT!


So when you are sitting down to make up your list, there are a couple of questions you want to ask yourself - is this something I can live without (or even easily add after closing), and is it something I absolutely need right now! Keeping these questions in mind when making your list will help you focus in on those homes that are the right homes for you now.


It is very rare in today's market that the first home you buy today will be your home forever! So you may find that you will be making compromises when looking at homes! But there are going to be some things that you won't be able to compromise on. In a tight real estate market like we are currently in, you may not get everything you want in a home. Perhaps you wish to be in the Short Pump area and you absolutely need to have 4 bedrooms, 2 1/2 baths but you would also like to have a garage as well as something built in the last few years - however, your budget is only a maximum of $250,000. You will probably find out very quickly that you won't be able to get all this in Short Pump at this price point. So you will have to decide which things are the most important to you - the location, schools & amenities of Short Pump (and if so, what are you willing to give up to get these things), or are you willing to consider other neighborhoods where you may be able to get all this. This is the type of situation that having your Needs and Wants list ready will help you and your Realtor focus on those things that are the most important to you.


Feel free to watch the video, and feel free to visit my YouTube channel to see my other videos. And if you are ready to start house hunting or just have some questions, feel free to call me at 804-869-1191 or email me at BReagan2@gmail.com. Have a great day!

Barbara A. Reagan - Long & Foster Realtors - 1100 Jefferson Green Cir, Midlothian, VA  23113 - 804-869-1191

Licensed in the Commonwealth of Virginia