Welcome to the second blog in the “Your First Home” The Proven Path to Home Ownership (Gary Keller, Dave Jenks, Jay Papasan) book discussion series.
You do not need to purchase to book to gain valuable information from this series, however it is a great
resource for any first-time home buyer.
This week: Facts & Fears About Home Ownership (pg.6)
Fears & Facts About Buying Your First Home
1. Q: “I can’t afford to buy a home right now.”
A: If you paying rent than you can afford to buy a home. Often, the tax benefits from your home loan’s interest alone makes up the difference. There is always a great buy for you out there. The question is the ”where”? The sooner you buy home the earlier you will start reaping the benefits from equity buildup as well.
2. Q: “I should wait until the market gets better?”
A: It’s a buyers market right now and there are some great deals out there. Keep in mind that the long
term factor’s are what make real estate a solid investment. Focus on what factors would make a home
“right” for you – size, price, location, investment potential, etc.
3. Q: “I don’t have money for a down payment.”
A: Speak with a lender – there are a variety of down payment options. As a first-time buyer there are
even more options; some require as little as 5% down.
4. Q: “My credit is a mess”
A: “Your First Home” (Gary Keller) discusses 2 types of credit challenges – poor credit history or lack of
credit history. Talk with several lenders and explore your options, you may be surprised. Often times a good mortgage officer or specialist can advise you on how to consolidate your debt, or refer you to a
credit counselor. Even if this takes a few months or more at least you are on the pathway to homeownership. Some action is better than inaction.
5. Q: ” I’m waiting until I get married.”
A: The National Association of REALTORS© reports that 38% of first-time home buyers are single. Buying a home is a great investment. Why not build equity towards a future dream home while you are
searching for love?
6. Q: “Buying a home is way too complicated – I don’t know where to start?”
A: You are reading this blog so that is a great start. (shameless plug)
If you choose a great real estate agent who regularly works with first-time buyers and can help guide you through the process. There are also numerous books on the subject and websites.
Ask for referrals.
Did not get your question addressed here? Email me at AskJessica@kw.com!
I will be glad to answer it! Bringing your dreams…home.
Next time….8 Steps to Buying your First Home.
