Buying your First Home

When we were kids, my Mom and Dad always took us on vacation during the Christmas Season (as it was a low time in real estate appraising due to holiday) to Florida.

We looked forward to that annual trip to Florida for two reasons:

1. The first person to spot a palm tree got a nickel from my Dad; and

2. We got to choose which home we wanted when we grew up and got married.

There are four of us in my family and I rank #2 in age. I took my time choosing my home (a/k/a honey moon cabin) because I wanted something spacious, grand, land, etc. By the time we got to my next sibling, well, he has a hard time making decisions and hence, my baby sister didn't get to choose her home until we hit Georgia or Florida but her home had to be chosen within (x) miles before we hit our destination.

The photo you see is generally the pickens my sister got because she felt she had to make a decision before (x) amount of miles. Not much of a "honey moon" cabin, now is it?

Here's my point: You are buying your first home, you don't panic like my sister and just choose something because your time may be limited, there might not be the right home you desire and you settle for second best.

Financial Wisdom: When you are buying a home, look at how much you really want to spend each month and not how much you qualify for.

The next step to Financial Wisdom: Does the home you are looking for have room for improvement or are you banking on the market appreication/depreciation to carry you?

The Third Step to Financial Wisdom: What do you really need in a home vs What do you really want makes a huge difference. If the home you select, has potential for growth, you have a winner as you will be able to live in that home for years to come and not transition every 3-4 years.

The Fourth Step to Financial Wisdom: If you are thinking about buying a condominium, look at the history on resale over the course of the last ten years of that particular building. Check to see if there are any special assessments and how often have special assessments been implemented for that building?

Buying your home is an emotional time but should not be an emotional decision.

Oh, by the way, my sister finally realized that she needed to wait and she finally got that honey moon cabin that she wanted in Florida.