First Time Home Buyer’s Guide
With preparation and the right strategy, homeownership can lead to big financial and personal gains. It’s never too early or too late to make the move from Renter to Homeowner. But having a guide and a process to follow will make the transition more rewarding.
If you are a first-time buyer, I encourage you to draw up a NEW HOUSE WISH LIST to generate a clear vision of the characteristics and lifestyle features that are most important to you.
Walkability? Weekend sanctuary? Great schools?
Then we can work together in reverse to align your wishes with your financial goals. I’ll also point out any additional considerations that often get overlooked in the excitement of a first purchase. If and when compromises come into play, remember that your first home should be the right place to hold this chapter in your life, not necessarily the whole story.
Your first home should also be a launchpad, not a ball & chain.
Despite what you may qualify to borrow, I always caution clients to be mindful about the full scope of their lifestyle goals. Don’t let your mortgage outsize your other dreams. Travel? College tuition? Another property? In turn, don’t let fear guide your investment strategy, or a lack thereof. Oftentimes confusion leads to paralysis and suddenly you’ve clocked a decade paying rent.
To dispel some of the myths about down payments, credit scores, and the home buying process, check out my guide. I won’t be testing your new vocabulary, but when you are ready to work together, I know you will feel more empowered.
Posted May 9, 2020