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Saturday, February 18, 2012

Home Buyer Tip - Look at Home Purchase like a Car Purchase

There was a time not so long ago when home buyers were looking at their homes as investments.  Buy, hold, flip, make a, flip, make a profit...and then it surprised some when the cycle stopped.

Rather than look at your home as a pure investment I suggest you view your home purchase as if it were an automobile purchase.

Most of us purchase cars for a specific reason.  It could be a sporty image or professional business image.  Or most likely it is for functionality.

Ultimately it is purchased because it will serve a real purpose within a defined useful life.

What is the useful life of your home?  I am not referring to the physical structure itself but rather how long it is of suitable use for you?

Lives evolve.  Where you find yourself at this point in your life is likely not where you will be in five or ten years.

Could it be you are just starting in a career path that will lead to more money later on.  Perhaps you are married and don’t anticipate children for four or five years.  Or maybe you have a couple of small children who will be growing later.

Just as your circumstances may require you drive a smaller inexpensive or used car your circumstances may require you purchase a smaller home that will serve a purpose - a useful life for this period of your life.

When you get ready to purchase a house or condo, contact a lender and get a pre-approval.  Find a real estate professional to work with you.

And then define your needs for this period in your life

Remember lives evolve.

When you are ready to buy a home in Brevard County, Florida...

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