Buying Your First Home in Phoenix Arizona Part 1 - Knowing Why You Want to Buy a Home Now
Starting With the End in Mind
What does it mean to begin with the end in mind when it comes to purchasing your first home? For one thing, it means answering a few key questions, such as:
• Why do you want to buy a home now?
• Are you truly ready to buy your first home in today's market?
• Do you know how to prepare financially for the home-buying process?
Beginning with the end in mind also means having well-defined goals...knowing what you want, and by when. Knowing your budget, and having a contingency plan in case a surprise curve ball comes your way. You may be thinking to yourself, "Wait a minute. I already have my values and goals in place - what does this have to do with buying my first home?" Actually, it has a lot to do with your first home purchase.
Go back to the first question - why do you want to buy a home now? For many people, their goal of buying a home is directly related to one of their primary values, their family. This means they are planning to buy a house for their family. Is that your primary reason, or is it something else, like building equity, taking advantage of the market, or relocating to a new area? Understanding your answer to that question will help you clearly determine the type of house you're looking for (perhaps it doesn't need to be brand, spanking new, but it does need space for your young son and future children).
Or maybe you're a single professional looking to build equity with the purchase of your first loft or condo. You may want to carve out your niche in the trendy downtown area so you can be close to museums, theaters, and sidewalk cafes. Regardless of your reason for buying your first home, having clearly identified goals helps you remember, every time you think about the home purchase, what you're working toward.
Your values will serve as an excellent guide to help you determine the type of home you want to buy. Housing falls into several different categories, most notably: single-family homes, townhouses, or condominiums. Each of these has its own set of advantages and disadvantages. You may find that one is much better suited to your budget and lifestyle than another. Also, depending on your location, you may find more choices of one particular type of home than others.
"Needs vs. Wants" list
If you're seriously thinking about purchasing your first home, it's a good idea to develop a needs vs. wants list. This will help you narrow your choices of properties. Many first-time homebuyers make the mistake of confusing wants with needs. As a result, they often pass on homes that fit their needs perfectly to search for those that match their wants.
You probably have a pretty clear picture of your ideal home. Thing is, when it comes time to spend the money on your first home, the features you want will undoubtedly cost more than the ones you know you need. While it's lovely to think about having a beautifully landscaped backyard or a pool and spa, perhaps even some built-in appliances, these are usually considered luxury items that can add quite a bit to the price of your home. That's why the "needs vs. wants" list is so important.
Begin this list with items you really need, like adequate space, number of bedrooms, and the garage. Most first-time buyers should consider basic needs first. After you've completed your "needs" list, then you can begin to itemize additional desires that fall under the "wants" category. You can then prioritize them, and if you can manage these benefits financially, think about moving them to the "needs" list.
EXAMPLES OF NEEDS
EXAMPLES OF WANTS
With such a list in your hands, you'll be less likely to get caught up in the excitement of the pursuit. You'll have a good idea of what you want, and whether those additional items are within you price range.
What We Focus on Expands
No doubt, we ALL have goals. But what do you spend the majority of your time thinking about? The one thing that takes us from where we are right now in our lives with our unwritten goals to actually achieving what we want for ourselves and our loved ones is FOCUS. And believe it or not, whatever you focus on expands. So if you continually keep your goal of owning your first home at the forefront of your mind, you will begin to take more and more steps, both consciously and unconsciously, to buy that house.
This is the perfect time to buy your first home. Once you're absolutely sure you know why you want to take that step now, you are already on your way to home ownership.
Buying Your First Home in Phoenix Arizona Part 1