First time homebuyers, here in Pittsburg, CA and across the country, are
often frustrated at not being able to afford the home of their dreams.
They want a home just as nice as their parents own – forgetting that their parents probably had to jump a few lily pads to get there.
What does that mean?
Jumping lily pads means starting out small, building equity, and moving up with each jump.
It’s a proven way to get to the pad you want without causing yourself strain and stress. If you have the down payment and the income to go for the top on your first jump into home ownership, that’s wonderful. But for most people starting out, that isn’t the case.
Many first-time homebuyers are still paying off school loans and have
not yet attained the earning capacity they’ll have even a few years
from now. And yet, unless they plan to relocate soon, home ownership
is still a sound idea.
If you’re about to become a first time homebuyer, consider what you actually need in a home now, as opposed to what you might need in a home 5 or 10 years from now.
Then think about how much equity you could earn by purchasing a solid, well-constructed older home and updating it during your years of ownership. That harvest gold kitchen sink, olive green shag carpet, or fussy flowered wallpaper could be keeping less savvy buyers away, allowing you to purchase at a bargain price.
Putting a strain on your budget by buying more than you can comfortably afford can backfire in two ways:
* First, should you become ill or injured and unable to bring in income, you risk losing everything you’ve already put into the house.
* Second, if keeping up with your mortgage payment means you can’t go out for dinner and movie, let alone attend a concert or take a vacation, you will come to resent that house.
When you’re thinking of becoming a homeowner hre in Pittsburg, CA and want to discuss your options, give me a call. I’ll be happy to help you find that first home – or the second or third as you jump the lily pads and move toward your Pittsburg, CA dream home.
They want a home just as nice as their parents own – forgetting that their parents probably had to jump a few lily pads to get there.
What does that mean?
Jumping lily pads means starting out small, building equity, and moving up with each jump.
It’s a proven way to get to the pad you want without causing yourself strain and stress. If you have the down payment and the income to go for the top on your first jump into home ownership, that’s wonderful. But for most people starting out, that isn’t the case.
Many first-time homebuyers are still paying off school loans and have
not yet attained the earning capacity they’ll have even a few years
from now. And yet, unless they plan to relocate soon, home ownership
is still a sound idea.
If you’re about to become a first time homebuyer, consider what you actually need in a home now, as opposed to what you might need in a home 5 or 10 years from now.
Then think about how much equity you could earn by purchasing a solid, well-constructed older home and updating it during your years of ownership. That harvest gold kitchen sink, olive green shag carpet, or fussy flowered wallpaper could be keeping less savvy buyers away, allowing you to purchase at a bargain price.
Putting a strain on your budget by buying more than you can comfortably afford can backfire in two ways:
* First, should you become ill or injured and unable to bring in income, you risk losing everything you’ve already put into the house.
* Second, if keeping up with your mortgage payment means you can’t go out for dinner and movie, let alone attend a concert or take a vacation, you will come to resent that house.
When you’re thinking of becoming a homeowner hre in Pittsburg, CA and want to discuss your options, give me a call. I’ll be happy to help you find that first home – or the second or third as you jump the lily pads and move toward your Pittsburg, CA dream home.