There's no doubt this can be a challenging time for first-time buyers. So, if you're an aspiring buyer who has been struggling with the market, it may be beneficial to evaluate the foundation that you're working from. Once you've had a chance to evaluate and strengthen your financial foundation, then your odds for buying your home should improve dramatically.
Below we share 4 pieces of advice that can help you strengthen your financial position and help you achieve your dream of homeownership. At Mad City Dream Homes, we've integrated all 4 of these philosophies into our own lives. Each philosophy has stood the test of time by helping us improve our own financial foundations and by helping us achieve our homeownership goals, too.
Four tips for improving your home-buying foundation
1) Devote yourself to personal and professional growth.
Become a daily and lifelong learner by attending seminars, reading books, and listening to audio books and podcasts that challenge your thinking and encourage personal growth. While you're at it, join a community service organization made of people who are living their lives with intention. When you devote yourself to learning, you'll increase your career opportunities and your income-earning potential over the long run. Perhaps most important, you'll meet role models who inspire you to work for a better future as you envision new possibilities for yourself and your loved ones.
2) Partner with an employer who will invest in you and reward you for your growth.
There are a lot of mediocre jobs and average employers out there. But there are also some outstanding employers in the Madison area who are always looking for people with good character and a solid work ethic. So why not take the time to find and join a company that aligns with your values, and learn that business from the ground up? If you're willing to put in the work, learn and apply new skills each day, and be patient and persistent, then who knows, maybe someday you’ll be running the company?
3) Save and invest your money with the help of a professional.
Hire a reputable financial planner who will help you invest in your future and start your automatic savings plan, which should include saving up for and growing your down-payment. Invest your money automatically, and your savings will grow quickly and steadily over time.
4) Hire a trusted buyer agent or buyer agent team.
We recommend interviewing several agents and hiring the agent (or team) that you feel in your gut is going to serve you best over the long run. As you interview each agent, ask the questions that are most important to you. In the end, who you choose to work with comes down to a matter of trust. In your heart of hearts, do you trust the agent that you're choosing to partner with? Take the time you need to get this right.
What questions do you have about becoming a first-time homeowner?
Should you pause your search and spend some time working on your foundation? Or is your foundation where you need it to be and should you forge ahead and make your dream home happen?
We can help you process these questions and any other questions that are on your mind, so please reach out to us anytime you're in need of a real estate conversation. Everyone on our team is working on our own goals and aspirations, and we're here to share our own perspectives based on our own life experiences, too.
