Tuesday, January 11, 2011
Buying Your First Home
For my blog readers you noticed by now that I write only articles based on my own experiences. It is my guiding principle that I will share only what i did passed through.
Now, those who would like to buy their first home, your own time factor is critical when designing an investment and savings plan for home ownership.
Please do not be surprised if i tell you now that I planned my first home five years before I wanted to make a purchase. I was 25 then.
Today young people I know ,including my own business students, they can not wait five years to buy a house. Really the trend today is to be fast and furious.
I can not blame them since they are experiencing their own rat race.( which surprisingly this race is abhorred nowadays by my generation)
But what is the benefit then of preparing for 5 years before buying a first home?.
The primary reason is that you will have more for downpayment or equity and less loan to pay for.
Here are my further advise to you then:
1. Review where your money is going and where you could save.
Can you forget that Starbucks coffee and drink Nescafe instead?. Trim your expenses like a possessed person and save a lot in mutual fund preferably balanced fund.
2. Visualize your dream house. Photograph it or draw it. Put in places you see everyday and set the date when you will build it.
3. Open a savings account intended only for your first home. Make regular deposits whatever the amount you got.
4. Monitor your progress to remind you that you are determine to have your house.
Remember this my dear-first-time-buyer-of-their-first-home your first house is the best investment you can make. It will be your sacred nesting ground.
May your house blessing happen soon.