So you’re finally going to do it. You’re going to save for the down payment or have talked with the Bank of Mom and Dad, your credit’s in shape. You’re committed to finding a home you love and are absolutely, positively committed to becoming a homeowner. Well pretty much, maybe?
If you are having doubts about your readiness for homeownership, take heart. It’s natural to go through a period of wondering if you really have what it takes to make the leap from renter to owner. You’ve been talking about it with your relatives and friends. And the latest rent increase notice from your Landlord has you convinced you’re fed up with renting.
If this sounds familiar, rest assured that before they bought their first property, millions of other First Time Homebuyers experienced the same worries and uncertainties that you now face. In fact it’s those doubts and uncertainties that will make you a better homeowner. Why? You appreciate how important owning your first home is.
When was your AHA moment?
Maybe it was when you got your latest notice of a rent increase. Others might have opted to buy a home when you heard about a great bargain someone else got on a new house. Perhaps it was the $8,000 Federal Income Tax Credit or the availability of special financing and down payment assistance for First Time Homebuyers.
Or maybe it was when you finally realized that if you bought a home years ago you ‘d be a lot better off financially because you might have some equity as opposed to nothing to show for all those rent payments you’ve made.
Hang on to the Moment
Whatever the case, it’s important to hang on to that moment when you made the decision to go for it-or at least explore the possibility of becoming a First Time Homebuyer. Whatever it was that spurred you to act, and to seek out information, let that be your initial motivation to carry you forward.
There’s a reason people talk about getting on “the path” to homeownership. That’s because it’s a process not an event. It’s a journey and the only way you’re going to make it your final destination – when you have a set of keys in your hand and you walk into a home you truly own, with a huge smile on your face – is to go beyond that first thought you had telling you “I should buy a home.”
Once you get beyond thinking about a home, you get into the active phase of preparing yourself for homeownership.
NO MORE TALKING ABOUT IT!
Now you need to take action and sustained action at that. To succeed at buying your first home requires two ingredients: time and committment.
Notice I didn’t say it takes a big down payment, or a college degree, or the world’s best credit.
What it does take, is a committment to “DO IT RIGHT!” If you’re willing to put in the time to make the necessary commitment, anything that you’re lacking-whether it’s money, good credit, or something else-will eventually fall into place. Nothing will prevent you from becoming a homeowner.
(Thanks to Lynnette Khalfani-Cox The Money Coach for the inspiration and some of the material in her book “Your First Home”)
