That’s right, you read that title correctly. In today’s unit we’re going to take a break from focusing on the financial side of your decision. I trust that if you’ve made it this far in The UHBE you have a job, a down payment and all the basics that signify you can financially buy a home.
After the finances have been squared away I always like to ask my clients to take a moment of reflection and ask themselves; why am I considering buying a home now?
You may notice that your answer has little to do with your finances. Well, you’re not alone there. In fact a study by the Joint Center for Housing Studies at Harvard University found that the 4 major reasons people buy a home are not related to money at all. Check out what the study found below…
The 4 Reasons People Buy a Home
- For a good place to raise children in a location where they can be well-educated.
- For a place where you and your family feel safe.
- To get more space for you and your family.
- To have control over your own space.
Any of those reasons sound familiar to you? Now it’s time to do the exercise for yourself.
Write Down Your Answer to The Following Question…
What non-financial benefits will you and/or the family derive from owning a home or buying another home?
Take a moment to think about it and I’ll wait here (queue the Jeopardy music). Got your answer? That right there should be your biggest reason for why you decide to make a home purchase. While you may now have your number one reason, you shouldn’t stop there. There are plenty of other non-financial questions to ask.
More Questions to Ask Yourself!
- What is the timeframe you have to buy a home?
- How long do you plan on living in the home?
- What are your short and long term financial goals?
- Is anything likely to change at your work or with yourself and/or your family in the upcoming years?
- When do you want to have the home loan paid off?
Complete Lesson = 15 Points
Keep thinking about these questions, write down your answers and even discuss them with friends and family. Doing so will help you plan better and mentally prepare for all the decisions ahead.
I’ll see you next lesson where we’ll discuss pre-approval vs. pre-qualify. In the meantime you can start taking a peek ahead at what personal documents are required, according to current lending requirements.
Think You’re Ready Now? Get Started!
If you feel you’re ready to get the real home buying process in motion, I invite you to download your documents checklist and start preparing the documents that will be vitally important for a full review prior to getting you in the field with a realtor.
Step 1: Download your documents checklist.
Step 2: Gather and prepare the documents required.
Step 3: Get Started with me now
During the home buying process I get to know my clients on a very personal level. I’ll go beyond reviewing your documents, and discuss all the questions we reviewed today to get your on your way to purchasing a home.