Coming to the decision to buy a home can be an exciting time for anyone. You can’t wait to have your own house, a backyard to garden, a kitchen to stock, a handful of rooms to decorate and a place where you can finally plant your roots in (so to speak). More often than not, a first-time home buyer’s beginning thought is the vision – the dream – of what their soon-to-be house is going to be like. Maybe a white picket fence, a man cave in the basement and large walk-in closets. Nice! But for those of us who aren’t millionaires or who don’t make six figures a year, the process from renting (or living with the parents) to owning a home can bring up some unexpected actualities. When you start getting qualified for a home loan, reality comes a knockin’ and you realize that the house of your dreams and the house you can afford are two very different things. This not only puts a dent in the vision – the dream – of owning your first home, but it can lead to extreme indecisiveness (as nothing you look at will now fulfill that dream you put in your head). Well, come back to reality with us and take a look at these three steps that any indecisive first-time home buyer should consider taking.
STEP 1 – Keep It Practical!
Yeah, ok, you can’t afford the house of your dreams right now, but that doesn’t mean that the house you can afford can’t grow to fulfill that dream one day! The best thing to do is start a simple and practical list of the necessities – the elements of a home that you can’t live without. For example, choosing a location close to work is a necessity, or, if you have a child then buying a home with two or more rooms is a necessity (a man cave is not a practical necessity).
STEP 2 – Only Consider Homes That Meet The Elements On The List
When you are meeting with your agent, be sure to communicate the list from STEP 1 and be sure to only look at homes that meet the elements, the necessities, on that list – don’t waste your own time!
STEP 3 – Look For The Diamond in the Rough – Realize Potential!
Just because you can’t afford what you thought was the home of your dreams, doesn’t mean that the house you buy can’t be made into the house of your dreams. When you are out viewing the potentials, keep an eye out for the diamond in the rough. Look past the minor cosmetic oddities of a home and see the potential behind it. Try to realize that the footprint of a house is more important than the colors on the walls or the type of flooring that the home currently has. Cosmetic elements of a home can be changed and a well-built house can turn into the home of your dreams with some patience, time and paint. (*Fingers Crossed* You’ll find a house with an unfinished basement that can be turned into your future man cave).