Skip to content
Welcome! Are you part of the community? Sign up now.
x

Posted over 5 years ago

I want to buy my first home, Now what do I do?

You have found bigger pockets, and have been reading about investing for months, you have made the decision to make an investment in yourself and your future by purchasing your own primary residence. Now what?

The first step to getting your own home is to speak with a mortgage professional! 

This comes before you start putting plans on paper to buy that 450,000 house you saw on Zillow. Why? because you might not be able to afford that 450k house!

Your mortgage and real estate professional team should not try to rush or give you the hard sell at any point during this process.

Some future investor buyers will shy away from talking to any professional in the beginning out of fear of getting the constant hard sell. If this occurs find someone new to work with.

Here are a few questions you should ask yourself when you are setting your budget for a purchase.

Do I purchase what I WANT or what I NEED?

Let me explain the difference. Are you a future investor that wants to keep expenses low so that you can invest in building your business, or do you want to max out your budget because you like all the comforts and amenities you can get?

I struggle with this myself, and always have to remind myself that I want to accomplish my goals at a faster rate, so purchasing what I NEED to cover basic living necessities will benefit me in the long term over maxing out my budget and having income tied up in living expenses.

Do I feel comfortable with the mortgage, and real estate professional I am working with?

If this is your first time going through the buying process it is better to have professionals that take the time to educate you on every step of the process as you go through it, and if you do not have a dedicated buyer agent then you definitely need to find one. If you do not know what are buyer agent is, feel free to ask. If you are not comfortable with them at the start it will not get any better going through the process. Buying a home is stressful.

How committed am I to investing in myself with a property?

You should be completely committed to investing in yourself. Realize that it will be scary in the beginning, and through the whole process, but getting the keys to your own home at the end is the greatest feeling ever.

Realize being scared is normal, challenges will come up, it does not mean you should run away. Don't start avoiding calls from your Realtor or mortgage professional. They are there to keep you on track to meet the goals you have set. When you disappear off the face of the earth is just wastes their time. They could be helping more serious clients accomplish goals instead of trying to get you on the phone.

Your Realtor and Mortgage professional team are there to help you overcome any challenge that comes up, no matter how long it takes. Be respectful of the time they are giving you. If you are not truly committed to investing in yourself do not get into the process until you are ready to get it done.



Comments