I have been doing this long enough that I’ve seen how the majority of buyers react and think. My latest buyers are a small family ready to make the plunge into home ownership. Let’s call him Steve and his partner Christie who have a young boy (5 years old) Mylo. They were living very low key in an apartment where being frugal helped them save a large down payment. I was contacted by them when they were ready to start the buying process. I was 1 of 3 realtors to be interviewed for the part. I obviously won since I’m writing this piece right now.
After meeting Steve and Christie at my office, I was informed of their desire to buy a detached bungalow where they would build a second story. Plan B was to find a home large enough that needed lots of renovations. Being first time home buyers they did not realize the complexity that this might bring. At the same time, he had a good source for a contractor (close friend) that was willing to take on the project whenever we found the home.
We started to look at bungalows and before long the family realized that their plan might not fit their goals. Building a second story does take a lot of time, money and effort. After seeing what was out there and revisiting the original plan we came to conclusion that this might not be the best approach for a first time home buyer to take on.
So the search continued where our desired home changed from a detached bungalow to a possible semi-detached. We finally ended up finding a beautiful Victorian home that was in the school district they wanted to be in and the area they really wanted to be in. It was perfect timing! The house was slated for multiple offers just the week prior where the seller didn’t get an offer that was acceptable to them. We came in and negotiated a great deal. Being a first time home buyer, they became educated quickly as they were willing to learn and listen to advice.
They moved in last week and are very happy. The house had a rental component in the basement which helps out a lot. The buyers are in the process right now of renovating the basement a little more so that they can rent out the unit for a little more while attracting a higher quality tenant. These first time home buyers are definitely on their way to becoming landlords and I have a feeling they will do quite well at that as well.
Good luck Steve, Christie and Mylo!!
Written by Kevin Yu