You did it! You graduated from med school and you lived through residency! These are really quite the accomplishments. In fact, when you think about the numbers, you should really celebrate. According to US News and World Report, only 7 percent of applicants are accepted into the top 120 medical schools in the country. Of the students who make it in, only about 80 percent actually graduate! That puts you in some pretty exclusive company.
Whether you are a newly graduated resident or a full-fledged attending physician, you know the struggles and stresses you’ve endured. Now it’s time to sit back and enjoy some of the spoils of your hard work, and one of the ways to do that is to buy a home and put down some roots.
You might be thinking that you just finished with a load of stress, why add more in the form of a real estate purchase? But in reality, there are several things you can do to take the stress and anxiety out of buying a home.
Get Your Financing In Place First
By knowing exactly how much house you can afford before you start to look, you can avoid falling in love with one that’s beyond your means. It also helps to speed up the process and makes your offer to purchase more attractive to sellers when they know you are pre-approved.
You might be concerned about your debt and income issues since doctors just completing their residencies typically have hundreds of thousands of dollars in student loan debts and their attending income is just starting. The good news is that lenders know your struggle and many offer Physician’s Loans. These take into account your future earning potential and projected job stability.
Take Your Time
As a resident or newly minted attending, time is something that is probably in short supply, and when you do have some time off, the last thing you want to do is go house hunting. That’s why it’s important to work with a professional realtor who knows what they’re doing.
Of course, you can help them by having a good idea of what you want in a home. Here are some questions to ask yourself before you start to look.
1. What kind of property do you want to live in? If you are looking for low maintenance, you might consider a condo. Have a spouse and kids and two dogs that are looking for room to run? Then a single family home in the suburbs might be a better choice.
2. Where do you want to live? The greater metropolitan area around where you are working most likely has a variety of options when it comes to neighborhoods. If you are new to the area, take your time and get to know some of them before you pick a few that are suitable. Ask other doctors and look at school ratings, as well as things like property values and how easy your commute will be.
3. What amenities do you want in your home? Make a list of everything you could possibly want in your next home. Include the obvious necessities like the number of bedrooms and bathrooms, as well as the more esoteric wants like a hot tub or a fenced yard. Once you have your list, prioritize each item so you can let your agent know what to search for.
When you are ready to start the home search process, be sure to contact us. We are doctor home loan experts with a network of lenders and realtors ready and willing to help you find the home of your dreams. With a little groundwork, you can deal with the stress of buying a home, after all, you did survive this far!