“I can’t afford to buy my dream home”
Another common reason many renters don’t buy a house is because they can’t get as much of a house, or as nice of a house as they really want.
Unfortunately, everyone has a budget. But here’s the thing…
Even people with the highest budget you can imagine go through the same thing. Everyone seems to want just a little bit more than they can afford at the moment. It’s simply human nature. Very few people can afford to buy their dream home when they buy their first home.
If someone can spend $225,000, they feel like “if only they could afford $275,000…”, they’d be happy with the houses they could buy.
If someone can afford $1,225,000, believe it or not, they feel like “if only we could afford $1,275,000…”, then they’d be happy with what they could afford..
The best way to get closer to buying your dream home is to buy your first home! You may make some compromises to buy your first home, but you start building equity. This approach takes you further and faster down the road to being able to own your own dream home than if you hadn’t purchased a home at all!