Housing experts say many would-be first-time buyers hold off making a purchase until it is too late and prices have soared out of their reach. Many delay homeownership because they worry that property prices are too high, but they fail to realize that prices rarely decline.
In addition, first-time buyers often accumulate too much debt, open several credit card accounts, or put off bill payments without considering the impact on their credit scores.
Moreover, they tend to spend money on unnecessary ATM fees, cell phones, and cable TV services rather than save money for a down payment.
Some barriers are psychological, such as a fear of the responsibilities that accompany homeownership or an unwillingness to leave their community or expand the search beyond their dream home.
However, experts believe homeownership is possible for such buyers if they avoid major purchases, research the buying process to become better informed, look at lower-priced homes in nearby communities and then move to their desired neighborhood once they have accumulated equity, make timely bill payments, and eliminate unnecessary expenses.
One final suggestion would be to put whatever money is received from tax returns toward a down payment.
"Dwelling on Excuses," New York Newsday (10/17/03) P. C8; Catalano, Joe.
Moreover, they tend to spend money on unnecessary ATM fees, cell phones, and cable TV services rather than save money for a down payment.
Some barriers are psychological, such as a fear of the responsibilities that accompany homeownership or an unwillingness to leave their community or expand the search beyond their dream home.
However, experts believe homeownership is possible for such buyers if they avoid major purchases, research the buying process to become better informed, look at lower-priced homes in nearby communities and then move to their desired neighborhood once they have accumulated equity, make timely bill payments, and eliminate unnecessary expenses.
One final suggestion would be to put whatever money is received from tax returns toward a down payment.
"Dwelling on Excuses," New York Newsday (10/17/03) P. C8; Catalano, Joe.