As an investor and a Southwest Florida real estate agent, I can say that your first home purchase is a big step. In fact, it likely will represent one of the biggest financial decisions of your life. And of course, you want to be able to discover your dream home!
At the same time, your purchase can represent a strategic piece of your financial plan as well. For example, a home in Southwest Florida can be beautiful and affordable. Yet, we’ve also seen tremendous value growth in the past few years.
But let’s not forget the amenities either. As we’ve been seeing in our recent articles, there’s arts, entertainment, shopping, dining, and outdoors. And that’s just the beginning because there’s so much more.
However, you might be wondering when is the time right to buy your first home. Whether you’re looking for property in Southwest Florida or San Francisco, the same questions are applicable. So, today, we’re going to look at 3 questions that can help you determine if you’re ready for your first home.
Has your lifestyle shifted?
Maybe you recently started to consider new jobs in a different metro area. Or perhaps you’re thinking that the laid-back life by the beach in Southwest Florida is for you. Either way, I like to start by asking all my clients what their lifestyle looks like. This will give us a great start for your first home purchase. And by understanding how your lifestyle is changing, we can look at which areas of might be right for you.
Is your family situation changing?
Of course, if you’ve recently found out that a baby is on the way, you may very well also be thinking about buying a home. Another common situation when deciding if you’ll buy your first home is whether caring for ageing parents in the future might play a role. These examples highlight the need to factor in your family situation as you determine if you’re ready to purchase your first home. And the reality is that many people decide to buy their starter home for the simple reason that their family is growing.
What are your long-term financial goals?
Like I mentioned at the start of this article, your first home purchase can be a big part of your financial planning. When you strategically buy your home, you can position yourself for the possibility of greatly increased value in the future. Now, this question isn’t necessarily the most critical factor in deciding to buy your first home. But it certainly should play a part in your decision and could be a life-changer.
Are you in the process of deciding if you should buy your first home? My Southwest Florida real estate team is ready to answer all your questions!
Terry Records
Broker/Owner
Records Results Real Estate
Residential Sales and Property Management Service