5 Life Tips I Told an Aspiring First-Time Home Buyer
I was recently referred to an aspiring first-time home buyer, and we met at a local Starbucks to talk through the current state of the market, the buying process, and what might be the best next steps for him.
Here is some of what I told him.
1. Now may or may not be a good time to buy.
Homeownership has historically been a long-term path to wealth building and a core component for establishing life stability.
As a young single guy, buying a home will be a big step and one he should view through a long-term lens, not a three-year get-rich-quick plan like he might have heard about on a podcast from 2021.
Home prices may or may not go up in the next couple of years, but over 10 years? Over 20 years? Time will be his friend.
If he plans to stay local and build a life here, then buying a good home he can afford while he’s young can be a great next step.
2. Taking on responsibility is GOOD
Many young men today are floundering, struggling to establish confidence and a solid identity. Many want freedom and independence and dread the feeling of being “locked down” - whether by a spouse or a mortgage.
For most people, the easily accessible option to hit eject when facing a challenge will be a major hindrance in their personal growth.
Making commitments that will require hard work and sacrifice will be instrumental in shaping him into a good man.
3. Focus on making consistent, responsible decisions.
This buyer has an impressive track record of making wise financial decisions at a young age - a great credit score, disciplined saving, living below his means, and avoiding consumer debt.
He’s in a position to buy today, largely because of the choices he has made - despite having many friends make “other” choices with their finances.
4. Get roommates.
As a single guy, he’s in a season of life where he can rent out empty bedrooms in his new home.
In addition to helping offset his monthly expenses, having roommates will teach him about leadership, being a landlord, sharing a space with others (something his future wife will no-doubt appreciate), setting clear expectations, having hard conversations, and more.
5. He can afford to take risks.
For now, this guy has himself to worry about…and no one else. He’s mid-20’s. He has a good degree and a stable job. He has family in the area. He has good friends.
This season of life will likely offer him greater opportunity to take risks with limited consequences than any other season.
He can give real estate a go - and if goes well for him, awesome!
If in a few years, he decides he hates the responsibility of homeownership and he wants to travel the world staying in hostels and hotels, he’ll be able to pivot, sell, and walk away without ending up homeless living under a bridge.
If he wants to take a risk, now is the time.
What lessons would you tell a young guy in his position?
If you have a desire to buy or sell, let’s chat!
Life has a way of keeping us all moving, and I’d love to be your real estate agent.
Contact me here to set up your free and confidential consultation.
Kevin
