So, you have been thinking of BUYING and dumping your landlord? It’s about time!
When I say “it’s about time” I mean actual time. Hear me out .. I have been in the Real Estate Business for many many years, most first time buyers get nervous. What IF, e
What IF, I lose my job and can’t pay my mortgage, What IF something better comes along, What IF I hate where I live once I make this huge purchase? I also hear HOW can I go from renting to owning? WHAT should I do first? WHO should I work with or should I go about it on my own?
These are common fears first time buyers have – they are normal fears – so let me share with you a few tips on how to prioritize this process to make it simple. Keep in mind I do not care if you are in NYC, Maryland, Virginia, California or EUROPE – geography has no play in this, these tips work all across the globe.
FIRST: Make a FIRM decision that the timing is right for YOU – not what others say online or in the media.
SECOND: Take a look at your finances, look at how much money you can put down on a home and take a good look at your credit. Call a mortgage professional if you need recommendations let me know ASAP and I will refer you to someone, this applies to USA. This is a critical step in the process as the mortgage lender/financial institution will determine your eligibility to borrow funds and set your purchase limits. Once this step has been started you will be issued what we call a PRE APPROVAL letter.
THIRD: Select 3 areas where you may want to live, neighborhoods that offer things like transportation, accessibility to shopping, commuting whatever your personal needs are. DO NOT get stuck on ONE neighborhood, this is an INDIVIDUAL thing, and your buying power may not meet the market in the area of choice, so always look to the west, east, north and south of your primary choice. Visit the areas 3 xs – AM, PM and weekend. Take mass transit, if you will be relying on that for work reasons and see how it feels. Once you lock in the 3 areas, consult with a REAL ESTATE PROFESSIONAL like myself who can take all of the market conditions and line you up correctly.
FOURTH: Real Estate Exercise – Day 1 – the search begins – based on your pre approval and buying power, this will determine WHAT you can buy – Co-Op, Condo, Single Family or Multi Family. Your Real Estate professional will begin working on your behalf and schedule showings, you will go looking and by looking and getting a feel of WHAT you can buy, WHERE you can buy you will be able to do process of elimination. Remember, buying Real Estate is not just a decision, it is the largest debt of your life(when financing) it is the longest debt of your life (usually 30 years) and its probably the BEST decision you can make as an investment vehicle.
FIFTH: Once your exercise cycle begins, you will trim the fat – hone in and find something that meets at least 80% of your wish list needs. Remember you may not be here for life, since life happens in real time – you never know how your needs will change as you go through life. Once you find something that fits your pre approval and your agent did the math for you it’s time to take the leap of faith and make the offer.
There are no guarantees on whether your offer will be accepted, but you gotta be in it to win it! Keep at it, repeat as needed and drop the fears.
Remember renting is like putting money in the fireplace-it serves a purpose then it’s time to take advantage of some tax incentives and buy Real Estate. It is by far one of the best investment vehicles and offers you a roof over your head that you control. If you can pay your rent, you can and will pay your mortgage! There are things you can do to pay down your mortgage and your Real Estate Pro will guide you accordingly.
AS for HOW – financing – there are tons of options, yeah the rates are still a bit high as of 2-16-2025, but when they drop you can refinance the home, again something your pro can help with. The market has adjusted, it is shifting into a buyers market – and the time to jump in is upon us.
Call me or write to me anytime – igiocoli@tylervincentrealestate.com.
Let’s get you HOME!
