Feel the fear & do it anyway...BUY A HOME!!!

Heather Presha, Realtor

Hi Guys!

Recently I've had a few clients that have asked me to rent out their homes for them.  In doing so, I've had some really interesting conversations with prospective renters as to why they have not decided to purchase a home instead of renting.  All 66 people that I spoke to said the same thing:

"I have to save for a down payment" 

"I have a few things I need to repair on my credit"

"It's such a big commitment"

 

Fair enough, but here's the bottom line on all 3 of these issues:

1. DOWN PAYMENT.....

What is the total cost to move into an apartment?  A few thousand dollars, right?  Half of a down payment, if you ask me.  Where will you get the other half?  Here are 16 ideas:

16 ideas to help you drum up money for a down payment - MSN Real Estate

2. CREDIT...

How do YOU know the best method of clearing up your credit to prepare to purchase?  Leave that to the experts, my dear!  Do yourself a favor and meet with a loan officer (an EXPERT), who can help you develop a strategic plan to get ready!  Right now you really don't have enough information to make an educated decision about whether or not you can actually buy a home.  Right?

Here are some people I call on to help my first timers get ready:

David Lerman

1st Point Lending (Lic#391243)

dv4loans@gmail.com

(323) 855-4434

Kendra Richardson

International City Mortgage

(213) 458-3458

3.  A Big Commitment...

LIFE is a huge commitment.   Work, relationships, marriage, children - everything that has a big payoff requires us to make a decision; to challenge ourselves for the long run and to overcome our fears.  Once you put in the work, the benefits are huge.  If you are worried that you won't know what to do when something breaks down in your new home--it's simple...FIX IT!  Go online, go to Home Depot or call a Handyman!  Bottom line is---like any other commitment, you will continuously be working on your home to maintain it.  It will be YOURS - stop paying someone else's mortgage and start paying your own! 

Check this out....

Here's what I got from overcoming my fear of dating "my friend" Miles. Now he is my BEST FRIEND and husband. I love my family!!!

 

 

 

 

 

 

AND....here is what I got for pushing through my terrible credit, budgeting like crazy and being courageous enough to want to own my own home. (I planted that banana plant in the front yard and cried because I couldn't believe that I WON!!!)

...YOU CAN DO THIS too!!!! 

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Comment by Heather Lee Presha on August 1, 2012 at 7:54pm

Agreed!

Comment by Lexuses71 on August 1, 2012 at 7:29pm

Heather, I know of what u speak. I have owned five properties since the mid '70s, mostly in the South Bay. I understand the pros & cons of both buying & selling property. I lerned something new each time. Only rented once while regrouping to get back in the ownership market. Doesn't make my any kind of expert, but I do understand the dynamics. Yes, ownership can be a money pit, but so is renting. At least you have something to show for your hard work and scarifice plus tax advantages you can never enjoy while renting. But I also get that ownership is not for everyone. I did it two times while single. At times, it kicked my but, but I alway hung in there becauese the concept of ownership gave me my daily motivation to get my hips to work. And something to look forward to (and take pride in) when I came home after a hard day. So to those on the fence, I say go for it if you can swing it. The pros definitely far outweigh the cons.       

Comment by Heather Lee Presha on August 1, 2012 at 4:50pm

Thanks for chiming in Lexuses71.  Speak on it!  :  )

Comment by Lexuses71 on August 1, 2012 at 5:51am

An excellent article. Inspite of the sluggish economy, home ownership is still one of the best long term investments.It is not easy. And not for everyone. It requires committment, focus and a executable plan. but, as stated above, the rewards are numerous. The key is not biting off more than you can chew. And moimimizing your outstanding debt (car loans, credit cards, etc) is critical before attempting to buy. You do have to take an honest, detailed look at your financial situation up front. But if you work it properly and enlist the available resources available, it can be done. There are plenty of loan options out there, especially now. I know plenty of folks who made that leap and are paying less per month than they were when renting. Something to really think about.     

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