Setting Boundaries as a First Time Home Buyer

us lending boundary rope first time home buyerIf you’re planning on making the big move from renter to first time home buyer, then there are some things you need to know. This is a huge move that can have an incredible impact on your future and the future of your family. The average rental price in Redding is $1200 per month, which can equate to a huge savings if you’re putting that money into your own mortgage.

It’s an investment that is worth some time and energy to research before jumping straight in. You’ll have the chance to enjoy the home after you’ve bought it, so it’s best to keep your eyes open before you allow yourself to get too excited. It’s time to set some boundaries.

If you’re a first time home buyer, there’s a good chance you won’t have much experience in the process of how a home is bought and sold. You might have a concept of how it happens, but going through the experience for yourself is something completely different. Emotions run high, you make huge financial decisions with the squiggle of a pen, and you sweat over offers and terms on the contracts.

As Mohammed Ali once put it, “Everyone has a plan until they get punched in the face.” Sometimes buying your first home can feel like that, so let’s go over some of the boundaries you should put into place to protect yourself from the market pulling any fast punches.


Set yourself a realistic idea of the types of locations you’d accept living in. And that word “accept” is the key, because
everyone has a neighborhood preference, but not many first time home buyers create an acceptable boundary on the location of their home.

This is to prevent making a bad purchase decision if you can’t get the neighborhood you want. Give yourself a realistic expectation that you might not get that prime location on your first home, and you’ll be much more aware of what type of neighborhoods you can afford to look at.

Think about different things like travelling to and from work, school districts, proximity to shopping, access to major roads, and other lifestyle and convenience indicators. You might find a great home, but if you have to travel 45 minutes every day to get to and from work, that might not be realistic for you. Boundaries help make these types of decisions for you.


Go out shopping for homes, and know your basic home fianances beforehand. Take the time to speak to the lending company you’re using, because the figure they will allow you to borrow, and what you should actually borrow are two completely different figures.

It’s sage advice to never borrow the maximum allowable limit. While the banks would love you to borrow that amount because it makes them more money, it leaves you at risk of not having enough capital should anything go wrong.

House Quality

Make a firm decision about what state your house should be in before you make an offer. Agents will want to show you all the properties they think they can push on you, including the ones that you would never consider.

Take the time now to say “yes” and “no” to the types of homes you would or would not consider. It saves you from the emotional factor of seeing a home with the agent, and feeling like it could work, if you just put some work into it. Your emotions are not your friend when it comes to buying a home. You should have a firm boundary that can steer your agent to only showing you homes that are in your limits.

Side note: if you’re willing to save some money and put some “sweat equity,” or some renovations into a home, it’s still important to have a limit on how much you’d be willing to do. Would you reframe the roof? Lay new flooring? Install new windows? Figure this out beforehand to help you save time and choose the right home.

Time Frame

Set a boundary on the time frame of a home. What we mean by that is not feeling pressured into buying a home simply because it has some deadline attached to it.

This could be that you only have 24 hours to decide because another offer is on the table, the price is set to rise if you don’t place an offer soon, or you have exclusive access to the home before it’s listed elsewhere. Set a time frame boundary so that you can avoid all those unnecessary tricks that could cost you thousands.

By sitting down and listing all the boundaries and parameters you have on your first home, you’ll see the whole experience as more pleasant. As a first time home buyer, it’s crucial to know your own limits so that you can truly enjoy your first home knowing that it’s exactly what you wanted.

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