I Want it ALL....NOW!!
November 15 2012 Posted by Mary Poburan
As Promised...MONDAYS WITH MARY:
I want it all …NOW!
As a society, we live in a world of immediate gratification. Its hard not to want it all, given our technological advances. As a parent, I find it more and more difficult to impart patience to my children and to show them the importance of working towards goals but I still believe it is my duty to try. As a mortgage broker, I equally believe it is my duty to guide my clients through the sometimes long road towards home ownership. I am seeing this “impatience” with some of my clients and although the outcome may not be an immediate mortgage, I hope my advice will eventually lead them to their goal one day when they are ready.
1)SAVE…if you cannot save, the chance of success as a homeowner will be slim. Having a down payment is only the start. As anyone who owns a home will tell you, little (and big) costs creep up all the time. You need a surplus of funds.
2) PAY OFF DEBT…if you can’t pay your debt as a renter, or if you live paycheque to paycheque, it won’t get easier with a mortgage payment and all the other expenses of home ownership.
3)START SMALL…a first time home does not have to be a 2600.00 sq foot two story with a walkout basement. Buy what you can afford. Not what you WANT.
4)THINK ABOUT THE WHAT IF…what if one partner loses a job, what if your OT hours are cut, what if…? Although its hard to plan for all the what ifs, it is critical to have a contingency or back up plan.
5) MAKE SACRIFICES…If you really want that home, do you really need to buy a new car, get a 50” Flat screen, go on that 3 week vacation to Hawaii? We all want the lifestyle but the sad truth is, we cannot all afford it. Decide what your goals are and take the steps to reach them.
5)BE PATIENT…Home ownership is a privilege which requires discipline and hard work and sometimes just a little more time than we are willing to wait.
GOOD THINGS ARE WORTH WAITING FOR!
