From a very wise lender in Illinois comes this great piece of advice for first time buyers. The points made are just as true here in San Mateo County and the Silicon Valley as they are in Illinois or elsewhere.
While I know very few buyers who didn't need to tighten the belt a bit, especially during that all-important first year, one needs to do so in a thoughtful, considered way. Let me know if I can answer any buying or selling questions as they pertain to our San Francisco Peninsula market. The goal is to make Peninsula Living better!
Many times I am asked by young or first-time buyers what my #1 piece of advice for home buying is. They are surprised to hear my response to that question, because I say something that they probably don't hear from many lenders ...
Don't Buy a Home!
Once I have their attention, I clarify my statement ...
I tell them ... Don't Buy a Home ...
- Just because a tax credit is presently being offered!
- Just because a tax credit runs out soon!
- The timing is not good for you to do so either monetarily, emotionally, or for any other reason
- If you're not prepared to be a GOOD homeowner and perform the tasks needed for upkeep
- If you're not prepared to make sacrifices
- If you can't budget your money and live within your means
- Just because you think prices are going to go up on homes soon
- You do not understand the buying and lending process
- You don't care to learn the buying and lending process.
- You will not devote the time to learn the home buying process
- Without proper professional representation, assistance, and guidance
- Your eyes and desires are bigger than your present wallet
- You have to deny yourself every other life's pleasure to buy a home
Why do I say this? Because buying a home is work. It comes with responsibilities. It can cause stress. It costs money, time, effort.
I also tell them that home payments are an obligation you are promising to make. Those obligations and responsiblities should not be taken lightly. You need to enter the world of home ownership with your eyes wide open, fully educated, and prepared. To be otherwise for any other reason can mean financial disaster ...
I tell them to pass on the current temptations to buy ... unless you have educated yourself thoroughly about the home buying process and the obligations and responsibilities that come with being a home owner.
If ... after you have thoroughly educated and prepared yourself .... you still wish to proceed ... I urge you to then move foward and buy ...
For if you are fully prepared and know what to expect of the experience ... you will enjoy the home buying journey and be glad that you made the effort.
That's my advice.
There is nothing better than owning your own home ... IF IT'S THE RIGHT TIME FOR YOU TO DO SO! Otherwise ... wait.