5 Signs You’re Ready to Buy Your First Home
Posted By Winston Bowdre
I remember like it was yesterday. I bought my very first home when I was in my late 20s. I had just an inkling of knowing what I was doing but had to have my hand held for most of the way. One thing I did know I was done throwing away my money on rent. I worked my budget, researched many areas, and bought my first home right off the bat. As I look back on that time one was one of the most exciting times of my life. I had so many great memories being in my home. I lived there for 6 years, which was about as long as I’ve lived anywhere until now. I can say that had I rented and moved around during that time my memories would’ve been a little different. In hindsight, I am very glad that I was able to experience home ownership at a relatively young age.
Owning a home is one of the greatest foundations to build memories. I am much more aware of this now than ever. Looking back through family pictures always ignites memories from the homes my family lived in and each home was special for their own reasons. Now a days, when my wife and I look for a home, we search for an area that will suit our livestyle and create wonderful memories.
Have you been feeling that urge to own your own house or condo and build some great memories there? Are you exhausted paying rent that just continues to rise year after year watching your hard earned money go from your pocket to your landlord’s? Perhaps you have some specific design ideas you’d like to put to use but you can’t with your current living situation. Are you living under someone else’s roof instead of your own? There are a ton of different circumstances that motivate people to purchase their first house. Knowing the right time in your life to buy a home is an important part of the process.
Having the funds to purchase your first home is definitely the biggest motivating factor. If you’re fresh out of undergrad and just starting your career, purchasing a home may not be the best idea when your financial situation may not be so sure or at best uncertain. However, if you’ve already started your career and you’re pretty confident you’re going to continue to grow and have a well established career path then purchasing a home makes sense for so many reasons. First off the pride of home ownership can boost your confidence as a young professional and help drive you to succeed. This was definitely may experience many years ago.
Owning real estate shows a sign of maturity. Just take a look around your work environment. Can you tell a difference at the office between those who own and those that lease? Would your boss treat you different if he/she knew that you owned real estate and invested in your community? Owning a home helps you feel more established and can be a boost to your career.
I love Dallas/Ft. Worth. I grew up here and it is my home. I’ve only lived one other place (Atlanta) and I can truly say that Dallas/Ft. Worth is HOME! If you’re uncertain whether you’ll be living in the same city than you are right now over the next couple of years, then purchasing a home may not be a good idea. However, if you love your city and you’re very sure you’ll be there for quite a while, the purchasing a home is a great idea.
As a home owner, you’ll most likely feel more connected to the overall well-being of the area in which you live. When a new park is put in your neighborhood, it means much more to you when you actually own in the area. It is very common for a tenant to move around year to year. Home owners typically move within 5 years on average. For this reason home owners are more involved in the local political issues since they have more at stake by owning property in the community. If you enjoy the city in which you live, the livestyle, the amenities, then owning a home is a great way to commit to your local area. Homeowners continue to be the heartbeat of the city!
I work with many different first time home buyers daily. One of the most common reasons for purchasing a home that I see is for a new couple to solidify a relationship by purchasing a home to build a life together. Home ownership feels much more stable and permanent than renting. Couples usually have a strong urge to buy a home together as another way to show each others commitment. Deciding to purchase a home with the love of your life is a big commitment. A home is one of the most solid foundations to build lasting memories as a new couple. For this reason, purchasing a home is typically the first step a couple makes once they are serious about moving forward in their relationship.
If you’re engaged or have been with your current partner for a while, it may be time to purchase your first home together. When I was younger my thinking was purchasing a house was just a financial transaction without any further thinking of the benefits from there. Now, I think of a home as a place to invest in those special memories in addition to being a part of community. As my wife and I reflect on the homes we’ve owned nothing replaces the memories of family holiday get togethers, neighborhood parties, birthday parties, and so many more to name. This is what makes home ownership such a privilege when going through the stages of life.
Many times life just gets too busy to think about purchasing a house and people get stuck in the renting routine year in and year out. This becomes one of those headscratching problems when you look back 5 years (or longer) and calculate the amount of rent you’ve paid over that period of time. Take those same numbers and plug them into a home mortgage calculator and you’ll soon realize that you could have been paying a mortgage and building some serious equity.
If you’ve been renting for 2 years or longer and you’re pretty confident that you will be in the same city you’re in now for the foreseeable future, then you’re probably ready to purchase your first home. The longer you wait, the more money you’ll be losing each month to rental payments. It’s great for landlords but just not in your best interest.
Unless you’re purchasing a brand new home home improvement projects will be the norm. Especially if you’re purchasing an older home. However, home improvement projects allow you to put your touch on the home you own. For me this was one of the hardest things about renting not being able to remodel in any way while living there. One of the greatest things about owning a home is you can do anything to your home that you’d like (within obvious parameters) to make it your own place. Some landlords will allow you to paint an accent wall or redecorate a room while you live there, but all of your hard work and money are to the benefit of the landlord’s property once you leave.
I like to take at least one day a month just to work around my house. Whether I’m landscaping, painting, or upgrading the kitchen or bathroom, I’m able to do so because I own the property that I live in. If you’re like me and enjoy working on home improvement projects, then you should get excited about the opportunity of owning your first house. The reality of working on home improvement projects exist when you own your own place.
So, what’s the verdict? Have any of the 5 points above hit home at all? If so, don’t be afraid. Just click on the image below to be taken to an extensive guide for first time home buyers. There’s an easy to follow infographic, along with extensive detailing for each step of the home buying process. If you have any questions regarding purchasing a home in the Dallas/Ft. Worth metroplex , feel free to reach out to me. I’m here to help when you need me.
Hey There! I’m Winston Bowdre, founder of Winston Alan Realty and creator of the content on my website. Thank you for taking the time to read this article. Please feel free to leave a comment in the contact us box below, or to share this article on social media with someone who might benefit from it. I appreciate your time here on this site and am always open to suggestions and ideas from our readers. Feel free to contact me any time at [email protected]