For #2, one piece I forgot to bring up is the urgency. One of the reasons I advocate for having a small collection of basic, cheap tools is that there’s some cases where you don’t have time to get to the hardware store or wait for a delivery. Sometimes you need a wrench NOW to fix a leak. Or there’s a foot of snow on the ground, the roads aren’t allowed, and something goes wrong with your heat or the pipes are in danger of freezing. Or there was the time I had scheduled my new over to be installed and the old one disposed of: I was responsible for disconnecting the gas from the old oven, but didn’t realize until about an hour before that I would need not one but two adjustable wrenches to disconnect it and had to make a mad dash to get another one. I’ve also had enough issues with toilets that I keep at least one flush/fill valve set and a sealing ring on hand (maybe I need to get a water filtering/conditioning system to go easier on my hardware?). Having a way to move water (either a cheap hand pump or the ability to use a shop vac) can also be critical.
A couple other things I keep in mind with tools are:
How often am I going to use it? A lot of experts giving advice, advocating for expensive tools, are craftspeople who use those tools every day. If I only need that adjustable wrench once a year, the $2 one from Harbor Freight is fine.
And specialized tools are different. It’s hard to even try to buy them in advance because you don’t know they exist until something comes up. When I looked into converting my home’s landline phone network into Internet, I had to get a crimping tool. I noticed the old window AC units has a bunch of bent fins, and research led me to special combs for straightening them.