Welcome to Bryan Quinn’s 5-Part series on buying a home. Bryan is a buyer’s agent with The ART of Real Estate, and focuses his energy on helping to educate buyers through the home purchase process. He put together a series of tips and stories from his experiences working with both first-time and experienced homebuyers. Keep an eye out for the next part!
THINK LONG TERM
Besides starting a family, buying a house is the largest investment most people will make in their personal and financial lives. Knowing where my clients are in their lives helps me understand what type of buying plan to work up. When I work with first time buyers, we are usually on a smaller and tighter budget. Nobody I know likes to be house poor. I advise first time buyers to stay under budget, and find a house that fits their current needs. Statistically, first time buyers will only stay in a house 5-7 years before they need more room. Going of that statistic, first time buyers should ask themselves these two questions: 1) Will this house fit my current needs for the next 4-6 years? 2) Will I be able to re-sell this home and make money, or at least break even? Now if you are a first time buyer and have money to renovate or buy a forever home, that’s great. However, most first time buyers do not have that privilege. The final point is that this is your first home, not your last. You should lay the foundation strong and keep moving up, until it is time to downsize.
Keep an eye out for the fourth part of Bryan’s tips next week!