While you did a lot of the heavy lifting in Steps 1-5, Steps 6-10 are still vital parts of the process. In this episode, David discusses the importance of setting clear goals throughout this home-buying process so you can be on your way to home ownership success. Check it out and learn some insider tricks along the way.
Here are some takeaways from today’s conversation:
- Why setting goals is an important part of the process
- What does buying a home mean for you and your future?
- How to use these goals as part of your planning process
- Learn some industry insider tips and tricks
[02:05] How to Get Started With This Step
There are two major factors when it comes to setting your goals. We’ll call them Goals 1 and Goals 2:
Goals 1: This is the goal of the purchase. What does buying this home mean for you today and what does it mean for you and what you want to in five years?
Goals 2: This is using goals as part of your planning process.
When you and your partner decide on unified goals, it makes the rest of the planning process MUCH less stressful and allows you to actually enjoy the journey of buying your first home, either by yourself or together.
[04:55] Goals 1
This factor addresses the big picture behind buying a home and sets a strong foundation for Goals 2. When you’re figuring out your goals for buying a home, you’re not just looking at a page out of the paybook – you’re creating the whole freaking personal manual. When you’ve decided with your professional guides what your best dream scenario is, then you can start home shopping with your personal manual to help you. Remember, some of these are emotional goals, but a lot of them are financial. You need to decide how you’re going to set yourself up and your family up for the future. Does this mean buying a home that you’ll turn into a rental? Does it mean that you’re buying a home that you’ll update and resell? These are all important questions you need to ask.
[36:55] Goals 2
This step is a lot more straightforward than Goals 1 and we’re kind of stepping back for this one. Talk to your professional to get these three numbers:
- Credit score
- Debt reduction
Once you have these three numbers, then you can start planning. Share them with your unicorn team to start setting your goals (this helps you with accountability, too). AND don’t forget that setting smaller goals along the way allows you to celebrate your victories because, guess what, buying a home is stressful. In fact, it’s one of the most stressful things you’ll do in your life. So, taking time to celebrate the small wins will keep up your morale even when the going gets tough.