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.
Click Here To Search For Properties In The Greater Hudson Valley
Paddy Pizappi, Associate Broker for Buyer Representation
RJ Smith Realty - A Real Estate Solutions Company
Serving the Greater Hudson Valley of New York
from Pine Bush, NY at the corner of Orange, Ulster, and Sullivan Counties
Call or Text to 845-800-7086
Get Started With Your Own Rainmaker Blog Today Click Here To Ask Me How
Subscribe to Hudson Valley Happenings With Paddy Pizappi via RSS feed
Every first time home buyer needs to start with a plan. This is a good guide.
I don't know about the "find a new line of work". That won't help with getting financing. Perhaps training to advance in their line of work is better.
No doubt, if potential buyers can increase their earning potential, they will be closer to home ownership.
Thanks Lenn. I just want people to realize that they need to get it in gear in order to reach their dreams. I know many young people who get settled into a work routine that just provides enough to get by on. If they want to own a house they will need to earn enough to qualify for the mortgage and make the payments so they may indeed need to think about a change in employment in order to do it. I know it may be a few years down the road if they don't have current job history in that line of work but it is a start if they can make more money.
Hi Paddy, this good advice for first time homebuyers.
I appreciate your stopping by Eunice. I hope that this get's a few people on the road to home ownership
Paddy this is written for a first timer to grasp and understand easily - rather then lots of mumbo jumbo that makes their heads spin around. You make it seem reachable - love the pics too!
Thank you Anna. I try to make things understandable. People have to believe that they can do something before they start working towards it. If this is a goal then they can do things to bring themselves closer every day. It may not happen instantly but it will happen eventually with belief and hard work.
Paddy, well put, We need to have a roadmap for buyers and this is as good as it gets. Thanks again.
You are welcome Janice. People need to take the first steps but they can't if they don't know where to start.
This was a great series and thanks for taking the time to write it. I start all my 1st. time home buyers with a few must dos, like going to the bank 1st. to see what they qualify for and then we can talk about wants and needs. No sense in looking at homes they can't afford and now we are searching for the impossible...
Great Post!
Thank you June and I LOVE your tag line. Have a great Wednesday.
Paddy - this is a great guide for would-be home buyers. There are also those who think they can have more than they really can afford, so the due diligence up front with a mortgage person AND working with a knowledgeable BA who will be unfront and honest with them is key.
Jeff
I appreciate the back up Jeff. You are right a lot of people think they can afford more than they really can. Having guidance is key!
I like the part where you state Thomas A. Edison said "Good fortune is what happens when opportunity meets with preparation" I think I am going to start telling this to people when they say I am lucky; however it just was hard work.
We just got a book of Edison and Henry Ford quotes when we visited their estates in FL. There are so many great ones in there. This one is a favorite.
This is a great guide to get someone started. If you think you can or think you can't - You're right. Another good quote that applies to your post.
I enjoyed your post. I think I'll go back and read the other 2 parts.
Kathy
Great post! I have been working on a series for the first time buyer, but just the process of buying, not the "getting TO the point" of being able to buy. I like it!
Excellent help with the 'roadblocks' Paddy !
Cheers
Sheldon
Hello Paddy,
I like this post very much ....I've sent it along to some people who will benefit by it as well.
Thanks again,
Patricia Aulson/portsmouth nh homes
Hello lovely! Awesome post! Wish I were home to put a butterfly on it. ;-)
Great and informative post. I just hope that we don't get rgoal now, and you put it in very clear language.
Excellent post! And so important for first time home buyers to realize the benefit of getting their foot in the door of home ownership, even though their first home may be a modest one. I think the hardest thing is when they have their heart set on the kind of home that is usually a 2nd, 3rd or 4th home - & that they just can't afford.
A little reality never hurt anyone...I enjoyed the post and hopefully, you cleared up some questions/issues for some potential buyers. Keep it up!
Thanks Nicholas That is another good quote and very true
I hope you do Kathy.
I have done some first time buyer posts but there are so many who feel that they never will be able to buy anything and I hope this will help some of them Emily
Why thank you Sheldon
I am glad you think it will be helpful Patricia.
Awe thanks Sis Where are you today??
Thanks for the comment Joe
A lot of them what more than they can afford and it is helpful to understand that they can get there just not right away.
Thanks Nancy
So true Patrick Reality in Realty is important
In my area there are a lot of pretty solid homes that if you calculate a payment are as much or less the rent.
Paddy If these steps are adhere to, the buyers will most likely realize his or her dream. Your style of writing was rather engaging.
Paddy If these steps are adhere to, the buyers will most likely realize his or her dream. Your style of writing was rather engaging.
Hi Paddy -- Starting with the right agent truly does make all the difference in the world, they are the hub.
That's great Chuck. It is true most everywhere.
Thank you Jennifer. I hope it will catch the interest of the potential buyers out there.
Absolutely Chris. The right agent can make all the difference.
Paddy, This has been an enlightening series. The right agent can make all the difference in the world. P.S. - Thanks for the re-blogs...
Helping you live your American dream...
Thank you Michael. And the reBlogs are my pleasure.
Curious, do you run live 1st time home buyer seminars in your area and if so, what are your best methods for building attendance?
Hey Ed I am not sure what that has to do with my post. I can do a blog post on that in the future but I think the best method for attracting seminar participants is to have the event hosted by a church, civic group or other group so that they can talk it up.