First Time Home Buyer: Path to Homeownership

Paying your landlord’s mortgage is generous but it won’t make you rich.

First: Stop telling yourself cannot buy a home

There are a few reasons why renting is better than buying a home. For example you think you may need to pick up and move to a new city to land a better job. But if there isn’t a job anywhere in the world for which you would leave your friends and family and the place you call home, then buying is clearly the better option. Most of what stands between you and your first home is psychological. You CAN save enough money for a down payment. You CAN fix your credit score and get financing. You CAN fix a toilet when the time comes. Our fears prevent us from doing the things we need to do to improve our lives, but we can change. In fact, we change whether we want to or not. The question is, will we direct that change to improve our lives?

The Money Pit
My wife and I watched this movie when we bought our first house. We felt better knowing it could be much worse.

Second: Know What kind of home you can buy

Once you get through the fear of buying your first home and realize that, Yes! Even you can buy a home! The new foe is managing expectations. Your first home will NOT be your dream home. Just like your first job probably wasn’t your dream job and you probably didn’t marry your first crush. Like anything in life we don’t often get things right the first time. Learn from it. Don’t beat yourself up about these things, be grateful for the lessons and keep practicing.

Path to Home Ownership

Over the next few weeks I will have the Path to Home Ownership Guide up on RealWealthKC where we take a look at a two year plan that will get you into your first home. You will identify which areas in your life are helping you and hurting you, determine where you are on the path to homeownership, and take action to improve the areas that need improvement. Bookmark this post and check back as I will add links to the pages below as they become available.

  1. Start Here: Managing Your Credit Score
  2. Budgeting: Getting off the Beaten Path
  3. Finding Financing: Nobody Goes it Alone
  4. Finding your First Home: Trees That Grow Crooked
  5. Almost There: From Making an Offer to Closing
  6. You are Here: You Bought a House! Now What?

Published by Schlueterism

Loving Husband. Humbled Father. Grateful Son. Live life knowing that every day is a gift.

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