IF YOU'RE A FIRST TIME BUYER & LOOKING FOR ADVICE .... READ THIS!
I'm in the middle of a series called "Home Buying, 12 Steps and the Serenity Prayer" and this post fits very nicely into the entire concept. I'd rather not sell you a home than have you buy for the wrong reasons, at the wrong time or with the wrong understanding of what's in store for someone as a home owner.
Gene has done a great job of highlighting some things to consider and understand before you take the steps I'm outlining. Ideally all these issues are weighed and then my12 step process will bring you to a happy and successful home buying decision and experience.
This would fit in as the Pre-Amble to my series, and I'll reference this post in my subsequent steps as I present them.
Many times I am asked by young or first-time buyers what my #1 piece of advice for home buying is. They are surprised to hear my response to that question, because I say something that they probably don't hear from many lenders ...
Don't Buy a Home!
What?????? Blasphemy!
Once I have their attention, I clarify my statement ...
I tell them ... D
on't Buy a Home ...
- Just because a tax credit is presently being offered!
- Just because a tax credit runs out soon!
- The timing is not good for you to do so either monetarily, emotionally, or for any other reason
- If you're not prepared to be a GOOD homeowner and perform the tasks needed for upkeep
- If you're not prepared to make sacrifices
- If you can't budget your money and live within your means
- Just because you think prices are going to go up on homes soon
- You do not understand the buying and lending process
- You don't care to learn the buying and lending process.
- You will not devote the time to learn the home buying process
- Without proper professional representation, assistance, and guidance
- Your eyes and desires are bigger than your present wallet
- You have to deny yourself every other life's pleasure to buy a home
Why do I say this? Because buying a home is work. It comes with responsibilities. It can cause stress. It costs money, time, effort.
I also tell them that home payments are an obligation you are promising to make. Those obligations and responsiblities should not be taken lightly. You need to enter the world of home ownership with your eyes wide open, fully educated, and prepared. To be otherwise for any other reason can mean financial disaster ...
I tell them to pass on the current temptations to buy ... unless you have educated yourself thoroughly about the home buying process and the obligations and responsibilities that come with being a home ow
ner.
If ... after you have thoroughly educated and prepared yourself .... you still wish to proceed ... I urge you to then move foward and buy ...
For if you are fully prepared and know what to expect of the experience ... you will enjoy the home buying journey and be glad that you made the effort.
That's my advice.
There is nothing better than owning your own home ... IF IT'S THE RIGHT TIME FOR YOU TO DO SO! Otherwise ... wait.
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