First time buyers usually know exactly what they want in a new home. The surprising thing, is that 
sometimes the list is quite long.
The idea of a "starter home" has been lost when it comes to the real estate market of today. If you are a first time buyer, take a step back there are a few things to really consider:
- NOT PERFECT! Your first home will not be a perfect home. And it's ok! A starter home is just that-a start. It's your chance to get your foot in the door of homeownership. To stop paying rent and start claiming a great tax deduction. A chance to stop observing a quiet after 9 rule, and do what you please in your own domain!
- YOUR PARENTS HOME that you left is probably not their starter home. They probably "moved up" from their starter home, into the home you left. They worked years to move up to the bigger better house.
- A DOWN MARKET gives you an even better chance to build equity as the market rises. If you make some improvements AND the market improves, you will be able to "move up" to the nicer house even sooner!
- SPOILED ROTTEN means you want it all, and you want it NOW. There is nothing wrong with getting a nice home that fits your budget very comfortably, as opposed to stretching to the max and giving up a lot of extras in you life in order to pay the mortgage. It's nice to take a vacation, buy some furniture or build a savings account when you have an affordable mortgage. David Bachs book "the Automatic Millionaire-Homeowner" shows how to get your first home and a plan to become rich from that and future buy ups. It's a great book I have shared with buyers over the years.
- IMAGINATION....Look past the older carpet, the panelling, the gold appliances...use them til you can replace them! Newer updated would cost more!
- SWEAT IS A GOOD THING! Sweat Equity that is! If you can just use your imagination, put in some work and reap the rewards (and satisfaction) of sweat equity!
- COMPROMISE...I remember selling a home to some neighbors from my childhood area. The family had 5 or 6 kids, and NO KIDDING, THERE WAS ONLY ONE CLOSET ON THE 2ND FLOOR! Now that is really compromising, and it was the 60's where most women had only 2 pairs of shoes- "good shoes" and "everyday shoes". Selling that house made me realize how spoiled we've become and what high expectations buyers have today.
Do you really have to have it all? Can you make a wise choice, and enjoy the rewards of that choice? If you watch HGTV, and most buyers are all too familiar with it, you may be "under the spell" and having visions of grandeur. I remember a buyer who started expecting granite counter tops in the entry level price range...all from watching too much HGTV. Take a step back and re-prioritize...what is really important to you, having it all in a house or having a nice house, and some extra cash each month?
covering the suburbs of Greater Milwaukee, Waukesha, Ozaukee, Washington and Milwaukee Counties
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Pat Tasker is your Milwaukee area Real Estate specialist. Her knowledge of the Milwaukee area and surrounding communities allows her to thoroughly assist you in meeting all of your real estate needs and goals.
Contact Pat if you are considering buying or selling a home or would just like to have additional information about real estate in your area. Visit Pat's website - please consider it as your online source for local real estate information, and return often for the latest property listing updates
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