This was a question posed to me recently by a work associate. It took me back because of the simple truth behind it….people don’t start small and build up anymore, they want the whole enchilada from day one.
When I started on home ownership it took several steps to get to where I am…well more like six steps really and every step was an essential growing point.
I have a client, one of my best repeat clients, who has now bought and sold 9 properties through my mother or I my mom, now retired, was my first real estate broker). I want to use them as an example:
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They bought their first home years ago. It was an 800 sf ranch on a postage stamp lot. My mother told them it was better than rent because it had equity.
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They stayed there for a little while and then bought a Colonial home with more room and a larger lot.
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Following that property they purchased a larger contemporary home on a private lot with acreage.
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The next home was a large custom built colonial in a premier area.
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They loved it there, but when a lot with a view opened up they built a home of considerable size.
Now, their real estate history continues beyond that, but for the sake of this demonstration, we can pause at this juncture.
It wasn’t until their FIFTH home that they were in their dream property. They leveraged their equity time after time to increase their buying power and built themselves up one step at a time. Had they tried to buy at their maximum at any point earlier, they could have stalled out and slowed their growth.
If you are a new homeowner or thinking of buying your first home, I hope you will give this some thought. It takes time to get to your dream or “forever” home. You need to be willing to work towards it and you need a realistic approach. Most of the time it is smart to purchase something very affordable first and spend the time investing and re-investing in yourself.
If you would like to discuss buying a first, second or tenth home in Western MA
I hope you will call me: Lesley Lambert of Park Square Realty.
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