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Real Estate Articles, Selling Real Estate, Buying Real Estate
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How to Get That First House
excerpts from The San Diego Real Estate Library
So if you're convinced that you should own a home, how do you actually go about it? What if it's just too darn expensive in San Diego or the place you want to buy? Well, there are a number of special first time buyer programs to make it easier, and we'll definitely explore those together. But what if it's still too expensive?
In that case, "you gotta do what you gotta do". You could get a 4 bedroom place and rent out a couple of the bedrooms to roommates to help pay for it. You could go where real estate is cheaper, like Temecula to get your first house. Some people who work in San Diego County are going even further than that to get their foot in the door. I know it's hard, and it wasn't easy for me to get my first place either. You just have to grit your teeth and do it. The hardships are temporary, but the benefits last a lifetime.
I remember when my wife and I lived in Orange County in the 1980s and we couldn't afford a home there. So we actually moved all the way to Atascadero, in San Luis Obispo County, to buy a piece of land and we built a house. After a couple of years, it had increased in value and we were able to sell it and make enough money for a down payment on a home in San Diego. It was tough, but it had to be done. Now we own five homes, but it all started from getting that first one.
My advice to you is to just go for it. Even if the first house isn't your dream house, you have to start somewhere. Face your fears and get it done. It's not just me saying this. In the book, "The Millionaire Next Door", the author says that more millionaires were made through real estate that any other method. Robert Kiyosaki in his "Rich Dad-Poor Dad" series talks about the "3 mountains" of financial security - your own business, stocks, and real estate.
Why Now Is The Perfect Time
Are you afraid it's the top of the market? With interest rates the lowest in 30 years, I think the risk is greater that the interest rates will go up, not that home prices will go down. But even if prices do go down a little, if interest rates tick up, the monthly payment on that house will be higher, even if the price is less. So your risk in trying to "pick the bottom" is that you'll miss out on today's very low interest rates. And besides, I don't believe that prices will fall in the entry-level price range, for a number of reasons that I'd be happy to share with you personally.
Who knows what you'll accomplish once you have this big unfinished business of not owning your home out of the way? You know you need to do it - it's like a big weight holding you back until you get it done. Today's a good a day as any.
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