The American Dream for many is to own their own home. Before you begin the adventure of looking for your own home, you should 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 tilling your garden or would you rather watch others mow your lawn? Buying a house is a lifestyle investment rather than a financial investment, remember that you will always need a place to live.
Buying a house can be a good financial investment. Home prices are similar to many other investments, they can fluctuate! It is important that you plan to keep your home for at least 10 years. Keeping your mortgage to a minimum is critical to a sound financial plan. You don’t want to spend more than 3 times your annual income and it is strongly recommended that you make a down payment of 20% or more.
Once you’ve decided what type of home you want, the neighborhood you’d like to live in, and saved enough money for a down payment, it’s time to buy. Ask your friends and family to recommend the people you will need to make your first homebuying experience a success. You will need a good real estate agent, a home inspector, and a mortgage broker. Buying your first home can be challenging, but it doesn’t have to be stressful if you take the time to write down your plan.
Tips for buying your first home.
1. Determine how much you can afford and the monthly payment.
2. Determine the type, style, and location of the home you want.
3. Find the professionals you’ll need to have a successful shopping experience.
4. Stick to your plan
