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By Hugo Torres
The latest Infographic shared by the California Association of REALTORS tickled me because I’m not so old that I can’t remember a time when we (my wife and I) transitioned from renters to property owners.
In the many years since we entered the housing market and achieved our goal of purchasing a home there have been major shifts in Real Estate market conditions but it seems like today’s young share similar sentiments and outlook. Home ownership seems to mean a great many positives in the long run for this crowd and as rental properties become scarce the prospect of owning a home becomes more attractive.
The foresight is commendable and I encourage everyone to take action that will help them achieve their goals. With that said…optimists here are a few things to note from someone who’s been there and helped others get there.
1) Achieving the home of your dreams may take some time, planning and compromise along the way. We’ve all had images in our minds of living in the perfect home and enjoying the amenities everyone craves. There may be a day when you’ll experience that moment of bliss but it may take some planning and living in a few homes before you get there. Equity building is a process for the most of us and you’ll have to time the market, make smart financial decisions and compromise. Do all this and you better your chances of a life of leisure by the pool. Remember that if you fail to plan then you plan to fail.
2) Know thyself and buy a home that suits that person you are. Keeping up with the Jones may make you house poor and set you back a while in owning your dream place. In a culture that worries about appearances it’s easy to overreach and buy more home than you can afford. In my experience, a home is created by caring people who take price in the walls they call their own. Don’t fret too much on not owning the fanciest real estate among your pals. Remember that price at the end of long road.
3) Think of the company you keep. My wife and I decided a long time ago to seek out relationships with a bright accountant, knowledgeable financial adviser, and a terrific REALTOR (if I don’t say so myself).
We did so because money management is a team sport that requires expert advice along the way. As you plan for the future, gather professionals that will help you gain knowledge and give valuable insights. Question them and be ready to hear critical criticism that may be tough to hear.
There’s so much more to be said but I risk sounding unhip.
I applaud you youngsters for staying positive and I encourage you to stay the course. Life gets better with some planning and good council.
You can find Hugo Torres on FB at http://www.facebook.com/monrovian21