We had our first 365 Days to Achieve Your Dream meeting last Thursday. It was a great start! Natalia and her husband are a treat to spend time with and they were very relaxed and interested. I gave them a glass of wine and a beer and told them this is the first meeting and it will be fun.
- Discuss what they would like to purchase
- Look at a selection of MLS listings and see what’s available in their price range
- Run the numbers to see where they are now
- Review the cost associated with purchasing
Natalia her husband’s goal is to own a home by the end of the year. So we started the initiative by uncovering what they want: A 2-bedroom condo with 800 square feet (or more, if possible).
Then we pulled a selection of places in their price range – $250,000 and $300,000 – in New Westminster.
Then, we ran some numbers. We looked at what they currently earn and their individual credit scores – his was excellent and Natalia thought hers would be terrible, but it was great! She’ll use that to her advantage over Andrew for a while, I’m sure.
Good news: we can absolutely qualify these two for their expected price range (news that made them very happy!) We discussed the next steps: saving for a down payment and preparing for higher monthly costs (property tax and strata fees). We reviewed closing costs and what to plan for when making a purchase.
But it wasn’t all money and mortgages. We got off topic and talked about life and told stories and it was just a great meeting overall. I’m positive we can help these two achieve their dream in the next 365 days.
- Visit 3 neighbourhoods with homes in your price range. Grab a latte (on me!) and walk around. Pick a building that could be your “goal”. A place you might like to live. Take a picture and put it on your House Sheet as a visual reference.
- Make goals. Fill out your 1, 3 and 5 year goals individually (no peeking), bring them next month and let’s discuss.
- Keep track of your spending. Fill out the Where Does My Money Go book this month. Pay attention to what you’re spending.
UP NEXT MONTH: