A Starter Home Doesn't Have To Be Dream Home

May 22, 2015
Starter Home

Today some first home buyers are being a little "too picky" about the home they want to purchase. Remember, this is a starter home which you may live in for 5 to 10 years, build up a little equity or value in the home, and then sell it and move on. In this housing market, your first home doesn’t have to be your dream home which could be the second or third home you purchase down the road. Personally, I think it much better to be a homeowner of a modest home than renting or living with parents. Everybody wants a fireplace, Jacuzzi, and a bathroom you can play baseball in but we can’t all live like rock stars. You may decide that having one extra bedroom is more important than having a big backyard if you plan on having kids. Compromise is the key. The biggest mistake you can make is going online and falling in love with a big home with all the amenities your heart desires and you spending too much for a home you can’t afford.

Bottom line, you need to get a game plan and stick with it. First, work out a budget and figure out how much you can afford toward a mortgage payment. Second, make a list of needs and wants for your home and prioritize them. Third, get a good Realtor to assist you in your home search. Finally, go house hunting and pick out a good home and make an offer which hopefully will be accepted by the seller and you are on the road to becoming a homeowner.

Please don’t pass up on a great house because of a minor defect such as broken door knob because you may miss the opportunity to own a home. Eventually, interest rates will go up and home prices will rise and you will be kicking yourself when you give your landlord the rent check and wondering what could have been if you would have made an offer on that one home which now is worth and costs $20,000 more and the interest rates have gone up 2% which makes owning a home more of a dream than reality. Contact dream@firsthomebuyers.net or call us at 847-516-5743 to find out how you can take the steps to own your first home