From Entrepreneur to First Home Buyer: Expert Tips from Award-Winning Realtor Corey Skaggs

In the world of entrepreneurship, the dream of owning a home can sometimes feel like a distant goal. Yet, stepping into homeownership is a significant milestone, offering not just a sense of achievement but also stability and investment potential. Enter Corey Skaggs, an award-winning real estate agent from New Jersey, known for his knack in guiding first-time buyers through the maze of purchasing their first home. Corey’s insights provide a valuable starting point for entrepreneurs embarking on this exciting journey.

The Journey to Homeownership: Why It Matters for Entrepreneurs

For entrepreneurs, a home is more than a place to rest after a long day’s work; it’s a sanctuary that fuels creativity and ambition. Corey emphasises that beyond the bricks and mortar, owning a home affords a sense of security and pride that can bolster both personal and business growth. “A home is an investment in your future, offering not just a living space but also potential for wealth growth and stability,” says Corey.

Preparing for Your First Home Purchase

Before diving into the property market, regardless of where you live, preparation is key. Corey stresses the importance of financial readiness, which includes saving for a down payment, maintaining a good credit score, and setting a realistic budget. “Getting pre-approved for a mortgage is also a critical step. It gives you a clear idea of what you can afford and shows sellers you’re serious,” Corey advises.

Navigating Challenges as an Entrepreneurial Homebuyer

Entrepreneurship comes with its unique set of challenges, especially when buying a home. Fluctuating income and proving income stability to lenders can seem daunting. However, Corey advises, “Don’t let these obstacles deter you. Maintain detailed financial records and consider working with lenders familiar with entrepreneurial incomes. It’s also wise to have a financial buffer to account for variable income months. Remember, preparation and the right support can turn these challenges into mere steps on your journey to homeownership.

What First-Time Buyers Should Know

Understanding the market is crucial. Corey points out that market trends can significantly affect first-time buyers. “Having a knowledgeable real estate agent by your side can make all the difference. They can help you understand the market, find the right property, and negotiate the best deal,” he explains.

Making the Offer and Closing the Deal

While ‘closing the deal’ may come natural to many entrepreneurs, making a competitive offer in the real estate market can scare off even those business owners with a high tolerance to stress. Corey suggests that offers should be based on the home’s value, your budget, and market conditions. “The closing process can seem daunting, but with the right guidance, it’s quite straightforward. It’s about understanding the steps involved, from negotiating the final price to handling the paperwork,” he adds.

For Many Entrepreneurs, a Home is More Than Just a Residence

For entrepreneurs, a home can also serve as a base for their business. Corey highlights the benefits, such as potential tax deductions for home office space and the impact of homeownership on personal wealth and business credibility. “Your home can be a reflection of your success and ambition, serving both your personal and business needs,” he remarks.

Corey Skaggs’s Top Tips for Entrepreneurs Purchasing Their First Home

Entrepreneur Network’s Kerry-Anne Wallace asked Corey Skaggs for his top tips for entrepreneurs looking to buy their first home.

1. Understand Your Financial Health

Before looking at properties, get a clear picture of your finances. Calculate your income, debts, and savings to understand what you can afford.

2. Consider Your Business’s Future

As an entrepreneur, think about how your business might grow and change in the coming years. Choose a home that can accommodate these changes, whether it’s needing more space for a home office or proximity to potential clients.

3. Explore Financing Options

Look into mortgages designed for self-employed individuals. They may offer more flexibility based on your income and business performance.

4. Build a Solid Team Around You

Surround yourself with experts, including a real estate agent who understands the challenges entrepreneurs face, a knowledgeable mortgage broker, and a solicitor who can guide you through the legal aspects.

5. Keep an Eye on Tax Implications

Owning a home can offer tax advantages, especially if you’re using part of it for business. Consult with a tax advisor to make the most of these benefits.

6. Plan for the Unexpected

As your business evolves, so will your personal life. Choose a home that not only meets your current needs but also has potential for rental income or resale value in the future.

7. Negotiate with Confidence

Use your negotiation skills as an entrepreneur to your advantage. Whether it’s the price, closing costs, or repairs, remember that everything in real estate is negotiable.

8. Stay Patient and Flexible

For entrepreneurs, this may be the hardest advice to take, but the perfect home might not come up right away. Be prepared to adjust your expectations and keep an open mind during your search.

Follow Corey for More Great Property Tips

For entrepreneurs ready to take the first step towards homeownership, Corey’s blog is an invaluable resource. Connecting with a seasoned real estate professional like Corey can transform the dream of owning your first home into a reality. For further resources and personalised guidance, especially in the New Jersey area, reaching out to Corey Skaggs could be your first step towards unlocking the door to your new home – or should we say Headquarters?