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on't Buy a Home ...
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40 Comments on IF YOU'RE A FIRST TIME BUYER & LOOKING FOR ADVICE .... READ THIS!
Great advice. Homeownership is a big responsiblity.
I know of a young couple who bought their first home after condo ownership.
They had a flood in the basement in year one because the previous owner did not disclose to them he stuffed up a hole in the wall with a plastic bag and covered it with grout, instead of removing the downpipe and sealing up the lead to the basement. This of course did not show up in the home inspection.
Then they had tree root problems that caused sewage overflow in the basement to the tune of about 10k of which the insurance takes care of the clean up but not to fix the problem-tree roots. Now they have drain flies because of the goo built up in the drain. This all took place 1 week after their baby was born.
Young couples need to make sure they have back-up funds for things they would never expect to happen.
Good advise, but hard to spit out!
Love your post. Great info for Buyers, especially these days. Thanks so much for the post!
Very good advice and definately sets the tone for a better experience.
Gene - Excellent points. My son just took his first job that required him to not only move out of our house but to another state. This was a year ago and he had sufficient money in the bank for a down payment and the tax credit was so tempting. We started looking at listings, because we weren't sure we wanted his hard earned paychecks "to go to a landlord". On the other hand, when we took time to think it through many thoughts came to mind. 1st) He would be a single person having to maintain a home on his own on ONE income. 2) he had never had the financial responsibilities that come from living on one's own. 3) He is on a career path of upward mobility which could require him to move again. He decided to rent, and even in doing so, he is having to watch his expenses closely and take his time furnishing his tiny little apartment. But, he now realizes that renting is what works for him right now.
Great post! You have to get educated and be in the right place before you buy something. You have to have good reasons and think it all the way through.
Great tips for any buyer! Thanks for posting!
Gene: Thanks for the upfront and honest advice. This is how we all build trust; by giving it to our clients straight up. Have a great day and congratulations on your featured post!
Very good advice for would be buyers to consider! Their future is sure to be smoother if they think through how a house payment will fit into the rest of their budget (regardless of what amount the lender says they can afford); how long they anticipate staying in that city or area; & do they understand that ALL homes will require regular ongoing maintenance.
This is superb advice - sometimes not really what people want to hear but it's the truth and we are doing our clients a disservice if we do not make it clear like this. I will be passing along this advice in the future. Thanks for sharing!
~Cari
Great advice people sometimes take longer to decide what to wear in the morning then making a life changing decision like purchasing a home. looks like Kate #7 & #9 found out what happens when you rush into marriage,.... just did not think that would happen perhaps?
Great advice and we need to get back to people owning what they can afford.
Excellent advice. And I agree, not following these simple guidelines certainly helped to create the mess we are in nationally.
Gene, I agree with you 100%. A lot of people don't take home buying as the serious responsibility that it is and go into it too nonchalantly.
I think it's alright if they just want to be a little pregnant. Isn't that why we call them starter homes?
Congratulations on your featured post, Gene.
I think this is great advice. A buyer really needs to understand the pros and cons.
Mike: The factual part of the home buying decision needs to temper the emotional side. Keeping the explanations easy to understand seems to make the correct decision much easier to see. Bypassing the emotional tug of ownership is harder to bypass ... if even for a short time. Thanks for writing ...
True North: Sounds like your clients reap the benefit of great counsel and guidance. I'm sure you see great referrals because of it ...
Diane: Depleting your entire savings (and possibly more) is never a good idea if it can be avoided. As your story illustrates, emergencies happen ... and can leave you financially vulnerable. I sure hope your young couple has recovered and are financially more sound now ...
Trisha: You're so right ... it certainly can be! But still ... the right thing to do ...
Hope: Thank you for your generous and kind words! I hope the post proves beneficial to you and your future clients. I appreciate your taking the time to write ...
Chuck: I always hope that the customers I am having this discussion with understand and appreciate the honesty and advice. Those that do, always seem to come back when the time is right ... and become wonderful referral sources ...
Gene
Carol: Your son was obviously wise to follow the path he did ... and also wise to listen to his mother. I'm sure he will gain greatly from his rental experiences ... and be a stronger owner when the timing is right for him. Thanks for relating your story ...
Wendy: Exactly right! Understanding all the pros and cons before taking the homeownership plunge is essential to the transaction's success .. and the owners future financial health.
Jeff: I'm glad you found it of value! Thanks for letting me know ...
Paul: With all the years of experience we have between us, I'm sure we know that honesty and providing the hard "upfront" facts to our customers is always the best route. Best for them ... and best for us too. It's always good to see you friend ... thanks for the kind words and stopping by!
Nancy: As a lender, we do have to tell a customer what they CAN afford on paper. We have a responsibility to counsel and advise them as well ... to all the pros and cons as they move forward. Pointing out and discussing the very factors you describe is an important part of that. All good points to make ... thanks!
Cari and Doug: You obviously view your customers as more than just numbers or "deals". It's also obvious that you care about them. They are in good hands ... and you do our industry proud.
Clark: You tell it like it is ... some don't put much thought or effort into their home buying decision making. Sometimes we have to "strip them down and dress them right" tho, don't we? Part of our jobs ... and the right thing to do. Thanks for writing ... I enjoyed the analogy ...
Gene
Sajy: You're exactly right ... it is way past time to return to common sense and self-control in our spending habits. Everyone will benefit from it ...
Jenna: It certainly contributed, no doubt. Hopefully we move forward a little wiser ...
Mark: We've all heard the saying "it's the biggest financial purchase you ever make". The saying is older than dust and possibly a little corny ... but still true. I appreciate your taking the time to write!
Gregory: It sometimes seems the "starter home" of yesteryear has gone completely by the wayside .. especially when I watch some of the TV shows about first-time buyers. You're so right tho ... starting smaller and then moving up makes sense, especially in the current financial climate. Thanks for your input and insight ...
Charles: Thank you. I appreciate your taking the time to write. Hopefully we talk again very soon!
Christine: Most definitely! Wise choices cannot be made with just half of the information needed. Thanks for stopping by ...
Gene