Embarking on a career in medicine is a monumental journey that requires years of dedication, hard work, and sacrifice. Finally, after years of rigorous training and countless exams, you've reached a significant milestone: the opportunity to buy your first done with training (DWT) house. In this blog post, we'll explore not only the financial aspects but also the emotional investment that comes with purchasing your first home after completing medical training.
My husband and I recently moved to St. Louis for his first DWT job. We are hoping for longevity with this job so it was important to us to work towards buying a house. We were longing to put down roots, build community and stop thinking about "the next step." Here are some thinking points we used to help us pick the right house in the right location (in a city we hadn’t spent more than 48 hours in).
Time for Self Reflection: Think about who you are and how you like to spend your time. Ideally, now that you’re done with training you will have more time and agency over how you spend it. Are you someone who likes to walk to the grocery store, coffee shop for brunch or the local park? Do you like having commute time to decompress after a long day or would you rather be closer to home? Do you enjoy home maintenance like snow removal or weeding a garden and will the property size impact your ability to enjoy the new home?
Research: Try to find a few people in your new city who already live there and are likely in a similar life stage. Post in local facebook groups, contact religious organizations, look into events happening where you want to live. This research will help you narrow down your options and find the right neighborhood for your needs. Understand schools, transportation options, and local amenities. Consider factors like commute times to your workplace, proximity to essential services, and the overall lifestyle the city offers.
Financial Preparedness: We met with a financial planner who evaluated our current budget, savings, and future earning potential. Factor in any student loan debt and other financial obligations. What will your health insurance cost? Are you planning to purchase a new car? Will you increase your financial contributions to various saving and investment accounts? We wanted to know what our month to month would look like and make sure we were purchasing a house in alignment with our current goals and lifestyle.
Picking the Right Agent: Moving Medicine Partners can help pair you with an agent in your area who is a medical spouse and highly skilled in physician family relocations. A real estate agent who specializes in your target area is invaluable. They will have insights into neighborhood dynamics, school districts, local amenities, and future development plans. Their local knowledge can help you make well-informed decisions.Your workplace might recommend a real estate agent or maybe you met one during the interview process. Trust your instincts and choose someone you feel comfortable with. A strong rapport will make the entire process more enjoyable and less stressful.
Buying your first house after completing medical training is an exciting and well-deserved accomplishment. It represents not only a place to call home but also a sound financial investment. Take the time to prepare, evaluate your options, and ensure that your choice aligns with your career and lifestyle goals. As you move forward in this new chapter of your life, remember that homeownership is another milestone to cherish and celebrate. Congratulations on reaching this incredible achievement!