ARE YOUR EXPECTATIONS FOR YOUR FIRST HOME TOO HIGH?
Attention first-time homebuyers!
Embarking on the journey of purchasing your first home is an exciting experience. As you envision your dream space, it’s natural to dream big, and let’s face it, HGTV hasn’t really set the best expectations. However, it’s important to keep in mind that your first home likely won’t be your forever home.
Try not to set your expectations too high, and focus on finding a home that meets your CURRENT needs and budget. By doing so, you’ll be able to build equity and work towards your long-term goals.
Did you know that 47% of homeowners live in their homes between 6-10 years on average, with first-time homebuyers living in their starter homes for just 5-7 years?
Unfortunately, you may not get that gorgeous white kitchen with marble countertops, or wide plank hardwood floors, but you can create a home that is YOURS, and update it over time. Focus on the things you can’t change instead of the cosmetics of a home, such as location, size, yard space, and layout.
If you’ve been postponing your homebuying journey in hopes of affording your dream home, why not consider starting with a starter home? By purchasing a more modest home initially, you can begin building your own equity instead of continuing to pay someone else’s mortgage. It’s a stepping stone toward your ultimate homeownership goals!
If you’re house hunting in today’s market, try to stay open-minded, and remember that your first home is just the beginning of your homeownership journey!