Most of us dream big. That’s great, but it can also be a huge mistake, Realtor® Rick Mayhew explains, when first time buyers begin looking for a home.
“Most want the big house with the yard and the fence,” Rick says. It can be very disappointing when people start looking for their first home and realize they can’t afford everything they want.
Rick has been in the real estate business since 1977, and his favourite clients to work with are first time buyers. Buying a first home is a very exciting time in most people’s lives, and Rick enjoys being able to help guide new buyers through that process.
Rick says all buyers should go through a pre-approval process with a mortgage lender before they start looking. Starting right doesn’t mean dreaming big. It means getting a realistic idea of what is possible.
First time buyers in Prince George shouldn’t get too disappointed – a lot is possible with so many affordable homes on the market.
When some first time buyers look at properties in their price range and can’t find their dream home, they decide to wait. That’s also a mistake, Rick explains.
“As long as house prices continue to rise, it’s better to start off with something they can afford.”
Building up some equity in a home that is increasing in value will make the home you want more achievable later on.
There are other advantages to starting small. Some buyers are able to spruce up a first home and rent it out to tenants when they move on to something better. That modest first home then becomes a great source of investment income.
Rick’s advice? “Don’t think of your first home as a dream home. Think of it as a stepping stone to your next house.”