People buy a home for a lot of different reasons. They may want to put down roots in a community and create a sense of stability in their lives. Then there are the financial considerations and the “forced” savings that builds up in the form of equity. In addition, the monthly cost of owning a house is usually much more stable and predictable than renting.

It may seem like “the impossible dream” to first-time buyers who have to stretch in order to purchase their first home. Many younger buyers can afford the monthly mortgage payments, but they may have to get creative to cover the down payment and closing costs.

If you are thinking about buying your first home, contact a real estate professional. If your funds are limited, there may be possibilities you have not considered, such as local loan programs that can get you moved into your new home. Sellers are sometimes willing to extend a small loan to help cover closing costs in order to complete the sale.

You should also consider the many housing options available. If you aren’t sure that you can afford a single-family home, there are beautiful condominiums and townhouses with amenities and prices that are designed to appeal to first-time buyers.

An important part of a Realtor’s job is to educate prospective buyers about the potential benefits and responsibilities of renting versus owning a home. They can help you determine your purchasing power and show you the best homes in your price range. A Realtor can also give you a side-by-side comparison of owning a home compared with what you pay for rent. When you fix up your home to suit your needs and taste, you benefit form the added value of the improvements instead of the landlord!

Realtors are experienced in helping first-time buyers locate the financial resources to make such a move. The first step is to sit down with and agent who is familiar with available loan programs. You will need money for the down payment and your income must be high enough to meet the lender’s qualifying standards. It may be possible to minimize the amount of cash needed with a little help from either the sellers or the loan company. You may be able to include some of the closing costs in your mortgage or the sellers might consider a lease/purchase agreement which would allow you to rent for a few months while accumulation the funds you need.

Buying a home represents a great investment while you are young –and lots of equity for your senior years. The housing costs of renters who are approaching retirement will pay a larger percentage of their monthly income than the housing costs of someone who bought their home years before. The home owner will probably have paid off the mortgage and be living almost rent-free. And don’t forget appreciation factor! If you are ready to buy your first home, let your Realtor assist you in making your dream a reality.

James Sarles – Let’s Talk Real Estate: President of Coldwell Banker James Sarles Realty; an Estate Agent specializing in high-end luxury ocean-front and canal properties. James has a BS in Business and Psychology, and a background in marketing and advertising. He was born in Buffalo, New York and first came to The Bahamas when Tourism asked for his marketing assistance. He met his wife on that trip and still resides in Freeport today with their teen age son.  James is very involved in community; an active Sunrise Rotary member, as well as helps with many other charity groups on Grand Bahama. He is the founder of a Big Brother program for orphans or trouble teens through his Rotary Club, of which he is still active today. He can be reached at james@sarlesrealty.com