Buying Your First Home Takes Research
Buying your first home is exciting, but it can also be daunting, especially if you aren’t prepared. Jumping into a home sale because it’s a buyer’s market is impulsive and could cost you. The last thing you want is to be paying your home off after you have retired.
According to Sanders Property, you can do some things beforehand if you are buying your first home.
Pay Off Debt and Build a Fund for Emergencies
Home ownership is expensive, and more pricey than renting. Even if you are paying less on a mortgage, you are still up for maintenance costs. Those costs can add up quickly, especially if you are looking for a fixer upper. Before buying your first home, be as debt free as possible and have a fund in place for emergencies. When you have an emergency fund, you have extra cash to pay for unexpected expenses.
Determine What You Can Afford when Buying Your First Home
Before you become attached to a home, check your budget. You want to make sure that you can live comfortably. Taxes, insurance, and HOA fees if you have them will add to the equation. Sanders Property recommends that your housing costs are 25 percent or less of your total income.
Save for Your Down Payment When Buying Your First Home
Most people don’t have the luxury of buying a home outright. According to Sanders Property saving 20 percent or more for the down payment is a good way to avoid paying more in the future. Although there are first home buyer programs out there, do your research, as sometimes those low or no down payments will end up costing you in the end.
Buying your first home is one of the most important decisions you will ever make. Sanders Property makes the search easy as long as you have done your research.
Ready to buy? Call and schedule an appointment with Sanders Property who can help you find the home of your dreams. Call now if you are buying your first home.