What home buying strategy is best if you’ve been a long-time renter?

Buying first home

Lately, more people are coming to me who have rented for their adult lives, looking to buy their first home. They want to know: what’s the best way to think about it/go about it? So that they can arrive at the best result.

For most people, this is my BEST advice:

1. Size up the cost of a property that you can QUALIFY for.

That means, getting a simple mortgage pre-qualification done (no credit is pulled). Even if it’s just a rough sketch for now, discovering how to qualify + how much you can qualify for to buy is a great way to start the process off. (Often, people start with a home search. It’s always more fun to look at properties, BUT you avoid disappointment and set yourself up better for financial success if you start with a rough assessment of qualification).

2. FIT your home ownership goals into your other financial goals.

What you qualify for in terms of borrowing and home price gives you a good guideline for what you can comfortably spend according to a bank. But once you factor in your other goals, you may find that you want to adjust the number. Make sure what you qualify for is ALSO what you are comfortable spending.

3. Consider what types of properties meet your needs now, and for the LONGER TERM

Think: 10-year time frame. If the types of properties you’re considering AND qualify for won’t keep you happy for 10 years, then let’s expand your thinking. I can show you how.

4. Come up with a PLAN for a home search that honors both your financial goals and long term living goals

The best way to begin a home search and look at actual properties is to having considered: a range of areas and a range of property types that all meet both your financial and long term goals.

TLDR: Qualify -> fit qualification into other financial goals -> evaluate properties for longer term needs -> plan a home search that takes all of these into account = Success!

Following these steps ensures that my clients A) spend the right amount of money, B) are competitive when placing an offer, and C) land in a place that ticks all the boxes for their longer-term goals.

If you’d like to discuss your home buying goals and get pre-qualified, see my contact page for the many ways to get in touch with me!