I speak with many people who feel they will never be able to buy a home of their own and you know what? Unfortunately many of them won't. Oh it's not that they couldn't. It is that they defeat themselves before they start. This is the third post in a series to help you prepare to become a home owner.
When we close our eyes and imagine the house we want to live in we all have different pictures. Most of us will see a dream home. Many people are realistic enough to know that they can't afford the dream house but what exactly can they afford? If you don't know where you should start, how are you ever going to get to your goal. Don't allow self defeating thoughts to stand in your way.
I Can Never Afford To Buy A House - You should be a meet with a Mortgage Adviser who can let you know just where you are at. As discussed in previous posts in this series
they can check your credit, offer advise on how to improve that, and let you know what you can afford based on today's income. They can also let you know some information that may help if your income is not at a level to allow home purchase at this time. It is important to know how much you should be making to be able to afford to buy a house. This may be just the push you need to get out there and hustle for that raise or start looking into a new line of work.
Where Do I Start? - The road should take you towards finding a Real Estate Buyer's Representative. A Buyer's Agent will help you to see what types of houses you can currently afford and how condition, location, and other factors affect the prices. You should interview to find the right Buyer Representative for you. Find one that you can relate to, who seems to have your best interests in mind, is patient with your questions, and offers you alternatives. The agent should have resources that will help you along the rest of your journey.
Every House I See Costs More Than I Am Qualified For - The biggest roadblock for many potential Home Buyers is learning the difference between Wants & Needs. We need to determine what we need right now. The first house you buy can not be the dream house you envision unless you plan to save and live for a long time under a landlord's roof. It might be great to live 5 minutes from the office but if houses in that area are out of your financial reach you might find a longer commute will bring you a house you can afford. It would be wonderful to have a lot of extra rooms for the children of the future but right now it might be just the two of you and you can live in a 2 BR very comfortably for now. You may want land and open spaces but can't pay for a large lot right now. Your Buyer's Representative can help you sort out your wants and needs and that may allow you to close your eyes and see a home you can afford now or in the near future and give you the push to make it come true.
Thomas A. Edison said "Good fortune is what happens when opportunity meets with preparation" I wish you good fortune as you prepare yourself for home ownership.
Part One of this It Can Happen To You series discussed how to save for a down payment and closing costs.
Part Two of this It Can Happen To You series dealt with working on your credit.
Working with an experienced Buyer's Representative can help guide you to what is best for you. I work in Orange, Ulster, or Sullivan County NY and I would love to be your Buyer's Agent. If you are looking elsewhere I would love to find someone in your chosen location to help you. Give me a call or send an email today.
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