Have you ever fought hard for and achieved a dream so big that you still have to pinch yourself sometimes to make sure it’s real? Back on June 19, 2020, I achieved a big milestone and closed on my very first home so I’ll be taking you inside my home ownership journey!!!!!
For years, I had been wanting to move away from my hometown. In three different seasons of my life I started making plans to move to a different city. No matter how best laid I thought those plans were, God shook something up in my life. With each relocation there was always something happening which caused me to stay put in my hometown. Fast forward to the now, I realized that me relocating is not what God wanted me to do. He has me planted in this city for a reason. So, I made the decision to get me together in all areas. I decided to start my home ownership journey to stay put right here. In this post, I’m sharing with you 7 Valuable Lessons Home Ownership Taught Me.
1. Organization Always Wins
One thing I’ve always heard others mention is how organized I am in my business. I’ve also heard this in other areas of my life as well. As a new homeowner, I knew that I wanted my house to have that same organization. This was especially important starting with the documentation and records I kept while going through my home ownership journey. My lender asked if he could hire me to help get his new clients documents organized for their home ownership journeys. Needless to say, he was impressed with how organized and prepared I was. Although, I had been warned the process would be a headache.
Though a casual question, it really had me thinking. Mainly about how being so organized really helped me have such a seamless home ownership process. I remember when my lender sent me the list of all the documents he needed from me. I had them sent over within fifteen minutes. Talk about collapsing time frames. Having all my documents already organized helped me win that challenge. Especially since I bought my house in the midst of this coronavirus pandemic.
2. Student Loan Repayment Education
For many of us, we were taught to make good grades so we could get a good education and then get a good job. What we weren’t taught, was the damage that having student loans would do to us. This was true not only financially, but also emotionally, and in some cases, physically, because of the stress that came with paying them off. Needless to say, I took that advice and got my undergraduate degree in Criminal Justice, then went on to get my MBA graduate degree.
Prior to starting my home ownership journey, I was on an income-based repayment plan. While going through the process, I was told that I needed to provide an amortization schedule, which I found out wasn’t available if you’re on an income based repayment plan. So, I actually had to switch to a Graduated repayment plan, which drove my monthly payment way up. This was the only way I could get the amortization schedule I needed. I’ll save the full details of that story for one of my Facebook lives. It gave me so much insight into how the banking system operates from a completely different perspective. One that had me walking away with so many unanswered questions.
3. Credit is King
This doesn’t just go for home ownership, it’s true in many other areas too. Having a good credit score will always get you better interest rates, and in some cases, no interest at all. Fixing your credit is a marathon, it is by no means a sprint. I gave myself two years to get everything in order so I could purchase my home. That preparation included paying off debt, raising my credit score, getting my money management in order, and focusing on my goal of home ownership all while not getting distracted by things, places, and people that weren’t contributing to my goal. In those two years, I was able to watch my credit score jump over 200 points total.
Being part of Tiffany “The Budgetnista” Aliche’s Dream Builders group and Live Richer Academy, provided me with all the necessary tools I needed to get my score where I wanted it. Her community is filled with resources and experts in areas such as home buying, credit, and net worth, that provided so much value in helping me through my process.
4. Having A Real Estate Agent is Non-Negotiable
Because I had a bomb real estate agent, I didn’t have to handle anything at all. She did all the negotiating for me, got my offer over to my seller, and handled the behind-the-scenes stresses for me. All I had to do was show up and be ready to move forward. If you are looking to buy a home, please do not go at it alone. Find you a good real estate agent that will represent you and do all the work. That way, you can remain stress-free and well prepared along the way.
There is A LOT of paperwork involved and if you don’t have an agent representing you, then you’ll be forced to gather all necessary documents, on top of everything else. Some people may not want to hire an agent because they may be trying to cut financial corners, but taking this approach may end up costing you even more money in the long run. Trust me, get an agent! If you’re looking for an agent in the Louisville area, then I highly recommend Shamelle Sanders. She’s very knowledgeable in the real estate industry and will go above and beyond for her clients.
5. Good Money Management is A Necessity
The Budgetnista’s One Week Budget book helped me get my finances in order in the beginning stages of my home ownership journey. She helped me create a money management system that I can use forever, and I mean forever! As a result of her system, all my finances are now completely automated and I don’t have to go through the process of sitting down and paying bills any longer. Not having to do that has helped free up so much of my time and mental capacity. The biggest value is me being in control of my money instead of it controlling me. That creates a peace like never before. So, if you need help managing your money without the extra hassle, then get your hands on a copy of this book.
6. Take the Time Needed to Get Yourself in Position
I’ve been on my own since I was 19 years old. When I first decided it was time for me to move forward in my home ownership journey, I made the decision to “temporarily” move in with my sister so that I could get myself in position for my home. Just to be clear, this was not a casual arrangement for me in any way. It was a complete business decision because I had a goal to hit and I wasn’t letting anyone nor anything get in the way of that goal.
So I laid out my plan and I followed my plan, with my end goal leading me. Because I had an aggressive saving plan, I needed to free up as much of my money as possible, which included me downsizing and giving up my own space during that time. That is one of the best decisions I have ever made because I was able to get my finances to a place they had never been before, plus I was able to save like never before in the process. So, when it came time to buy my house, I was exactly where I needed to be to move forward.
If owning a home is a dream of yours but you don’t see it happening any time soon, moving in with someone “temporarily” may be a solution for you too. But you have to be serious about your goal of owning a home and actually working the right plan to follow it through until you complete your goal.
7. Focus on YOU
Until you get you where you need to be, how in the world can you help someone else get where they need to be? Financially, physically, emotionally, mentally, and spiritually are all the areas you should focus on improving at all times. This includes eliminating any unnecessary stress in the forms of people, places, and bad habits. You have to make a commitment to yourself and no matter how hard it may get, don’t let anyone distract you from that commitment. It’s easy to quit, but is that what you want to be known for, quitting? I’m pretty sure you don’t, so take the time you need to focus on getting yourself together in all the areas I mentioned above and you will start to see a shift in your lifestyle, your mindset, and your actions.
In conclusion, my goal was to provide you with these valuable lessons to help you when you’re ready to buy a home, if you haven’t purchased one already. Even if you have, many of the resources I mentioned here may also be valuable to you in some way.
If you found value in this post, share the love by sharing this post. Are you ready to start your own journey as an Entrepreneur but not sure if it’s right for you? I’ve put together a free guide for you. You can grab my Home Based Business Decision Guide here. I guarantee you’ll walk away with an answer after reading through the guide!
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