Why need is more important over want for a first-time home buyer?

Why need is more important over want for a first-time home buyer?

As a first-time home buyer, you need to know the difference or the advantage between what you need when you are looking to buy a home or what you want. I see many families are stuck with what they want and end up never buying a property or maybe buy a property when the prices already went up and then end up losing money. So in this video, I'm going to clarify to you which one you're going to give more priority. Is it the need or the want? Welcome to Real Estate Tips for South Florida.

Many times I saw many families, especially the first-time home buyers, they go for what they want. As a first-time home buyer, this is your first step to homeownership. So your priority should be what you need. The basic requirements, the neighborhood maybe close to your kids' school or commute to your work, or maybe you need a three-bedroom compared to a two-bedroom because of the family or anything. Or maybe it's easy for you to maintain a condominium rather than buying a home where you have extra expenses, maintaining the lawn, or if there's a pool, maintaining the pool. If you like to use the pool, you can always buy a condominium and then pay that maintenance fee that covers everything and enjoy the pool, so you don't have to have an extra expense for maintaining your own pool.

Now the advantage when you go for need only, not what you want. Hold on to the "want" for now, go for what you need, buy something in your budget and then wait for a few years. Enjoy this home, build up the equity, then sell this home, get that equity out and then a lump sum of money put as a down payment, the profit you gain from this home. And remember, you do not pay any income tax ($250k per person) if you live in a home for at least two years in the last five years, primary home. So you take the money, put it to the new home, keep the same low mortgage as the home, you had before, and now you get a bigger home, your dream home. So my request will be, please, when you are renting and you want to buy your first home, always go for what you need, not what you want. Because, your wish list, yes, your wish list is going to get fulfilled, but everything has a step. You don't want to break your bank and go for the bigger home, what you may not afford and you're pushing yourself to afford that home and that is not a good idea. Buy what you need and keep the wish list. Wait for a few years, let this house go up in price and then put a lump sum down payment for the new home and buy your dream home with an affordable monthly payment.

My name is Shawn Bhakta from Remax Presidential South Florida Home Finder Team, and I'm here to help.

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