Planning For A House Purchase Essay

Making a huge purchase is never an easy job. This is mostly attributed to the considerable amount of money you need to shell out. Many people have to go above and beyond just to secure the funding they need to be able to make the purchase. This especially true when one is planning to buy their first house. To be able to make this mature purchase, I need to have a reasonable financial plan that I need to stick to.
The key for any plan to succeed is to keep doing directed actions or to keep making decisions that will lead you to your desired goal. It requires conscious and intentional efforts that may not be easy to sustain. The great thing about having a plan is that it keeps one on track on the achievement of their goal, enabling them to ensure their progress towards that goal. In this regard, college is a good time to start planning for purchasing a home as this stage serves to prepare one for the “real world.”
In my case, the first thing I have to work on is my timeline. Basically, it answers the question: When do I want to buy the house? Most people plan to buy a house after settling down. However, the thing with planning only after settling down is that it is almost always a bit too late for them. There is not much room to adjust your finances as marriage requires you to finance for two people, or sometimes more, if you plan to have kids early in the marriage. In addition, I have to plan for the location, community, space, construction quality, security, and the price for the house that I want to purchase and can afford. This only means I have to save up for the house long before getting married.
Having established that I need to save up before having a family means I should also manage my funds starting now. It does not take a financial advisor to let me know that I make impulsive purchases every now and then. All I need to do is to practice responsible buying and to watch my consumption behavior. Budgeting is not a usual practice for people my age, but there should be a reason for why big companies plan for and budget their finances. In this regard, I might as well start planning and budgeting so that I can watch my spending. I think this is a huge step to actually becoming financially responsible. I want to gain a significant amount of savings while I am in college.
Aside from that, I also intend to get myself into a paid internship. It is a common practice to get a part-time job, but I would really like to build myself a professional network while having a paying job. I think that this will keep me highly motivated not only because I have a goal (i.e. a house) in mind, but also because this will give me bigger rewards in terms of my professional network and salary.
After graduating from college, I will look for a better paying job. Considering that I have a substantial amount in my savings account, I will have increased chances of getting a loan. I did not place obtaining a loan on the top of my plan because I do not want to only rely on it. I want the bank to see me as a responsible individual and I think that would increase the likelihood of me getting approved for a housing loan.