St. George Utah Real Estate

Your First Home

Your first HomeAs Realtor’s, We sometimes see the despair in young folks eyes when the reality hits them, and they throw their hands up in disgust and announce, We can’t afford to buy a house. To further ease the pain in their own minds they sometimes follow this with, So, what’s the big deal about owning a house, anyway? We hate to hear this, because while it’s true that young people are faced with a large set of challenges these days when they go out house hunting, it is not impossible to get on the right track towards that very first house. The truth of the matter is that it is a huge deal to get that first house into your portfolio, because it is from there that the next one will emerge, a little bigger and a little better. Hopefully, the cycle will continue to the point where you have built great enough equity in real estate to perhaps own two houses; live in one and rent out the other. We know a man from Alaska who started out buying a house while stationed in Alabama in the Air Force. When he and his wife transferred to his next duty station they held onto the house in Alabama and rented it out. At the next duty station they bought another house. These were not fancy homes by any means. Service men and women don’t earn that kind of money. Let me condense this story for you. The first home in Alabama was bought over 40 years ago. Guess what? They still own it! Not only that, but their inventory grew over the years while they stayed with the Air Force and, even after they retired from the service, they continued to buy up properties by selling other properties until they suddenly found themselves with about 25 properties around the US. These friends of mine will retire very comfortably someday, believe me. So, what can you do to get on track for that first house? Well, it isn’t easy, but it isn’t impossible. It’s going to take a lot of discipline. Here are some suggestions:
  • Make a list of everything you buy this month, no matter how small
  • Look back at the list at the end of the month
  • What did you REALLY need that you couldn’t do without?
  • What was frivolous that you could have done without?
  • Beginning with month #2 start putting the frivolous $$ into savings
  • Get the best job you can
  • This may start by staying in school and getting a better education
  • Talk with financially successful people to see how they did it
  • Get with a financial planner who you learn to trust
  • Make real estate a hobby that you enjoy, even before purchasing
  • Teach yourself about lending and mortgages and how they work
  • Do everything you can to protect your credit score
  • If you sense dishonesty in an agent, run “ fast!
  • Study the real estate markets long and hard
  • Watch certain properties to see the histories
  • Learn how to fix houses “ your first one may be ˜fixer-upper’
  • Be careful but not fearful
  • Take a real estate class and get your license
  • If it sounds too good to be true, it probably isn’t true
  • Save, save, save. This is your first house!
Once you have a house or two under your belt and are confident of your real estate experiences, you can get into all kinds of fun ways to increase your real estate portfolio. But, until then you need to do everything you can to get that very first house bought. Good luck. If you work hard for it you will accomplish your goal.
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