Since I have many first time home buyers, and many of you are first time home buyers, I thought you might benefit by reading about the experience of others. You'll get to see the search from beginning to ending for a young couple, getting ready to buy their first home. Names have been changed for privacy but the experiences are real.
John and Jane have been married for awhile, have two beautiful kids, recently finished his graduate program, found a great job, and are ready for the next step. HOUSE HUNTING!
I invited them over for dinner the other night so we could lay out our game plan. The kids played, we ate Mexican, and I listened to their concerns.
John is mourning the fact that he was simply two years late getting out of school and missed the real estate boom. Because of that, they decided to move from California to Arizona to greatly increase their chances of buying a first home. After he found a job here, they decided to rent for a year and get the feel of the land.
Jane also wants a home with more space for her two kids. However she's anxious that the only thing they can afford will be far away from civilization. I asked her to tell me about her life during the week and she mentioned three nearby stores she frequents along with social outings with the kids.
They have decided they they will get the largest house they can and probably sell in 2-5 years. Therefore we have to make sure whatever they buy is a great investment that they can turn around and sell fairly quickly. To me, that translates to fixer upper in fabulous neighborhood or brand new construction. Jane and John are open to both options.
John is intrigued by a
county bond programthat will give them their down payment and assist with closing costs. The problem is that they are currently on the cusp of the income limit and by the time their lease is over, in five months, he will have probably received a bonus.
So, the question is out: Is it worth it to break the lease to get the free money and move asap or stay and live out the lease without that financial burden?
I suggest we go out to look at homes for two reasons: 1. They need to narrow down a search areaand decide if they really are comfortable with a fixer upper or if the slightly distant new build is more their style. 2. If we can find a resale home they love and the owner is desperate to sell, we might be able to have the seller pay all the closing costs, making it feasible for John and Jane to break their lease and get the free money.
So Saturday we're off, with a goal in mind of narrowing down the search area and keeping our hearts open to the possibility of the perfect home.
Episode 2 coming soon!
Where Integrity is Just the Beginning,
Elena Thurston
