Buying your first home – nightmare or American dream?
The American dream for many is to own their own home. Before you begin your home hunting adventure, you need to consider your housing and financial needs. Do you need 1 or 1 1/2 or 2 baths? Do you need a lot of storage space? Do you see yourself tending your garden or would you rather watch others mow your lawn? Buying a house is a lifestyle investment before it is a financial investment, remember you will always need a place to live.
Buying a home can be a good financial investment. Home prices are similar to many other investments, they can vary! It is important to plan to keep your home for at least 10 years. Keeping your mortgage to a minimum is critical to a sound financial plan. You’ll want to spend no more than 3x your annual income, and it’s highly recommended that you put 20% or more down as a down payment.
Once you’ve decided what type of home you want, the neighborhood you want to live in, and you’ve saved enough money for a down payment, it’s time to shop. Ask your friends and family for referrals to the people you’ll need to make your first home purchase a success. You will need a good real estate agent, home inspector and mortgage broker. Buying your first home can be challenging, but it doesn’t have to be stressful if you take the time to write your plan.
Tips for buying your first home.
1. Determine how much you can spend and the monthly payment.
2. Determine the type, style and location of the home you want to own.
3. Find the professionals you’ll need to have a successful shopping experience.
4. Stick to your plan
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