Here are some great tips for first time home buyers!
Being a first-time home buyer is exciting! With real estate trends like those, you might be tempted to make an impulsive purchase that could hurt your financial goals and keep you paying a mortgage well into retirement.
Determine How Much House You Can Afford
Before you get emotionally attached to a beautiful house, check your monthly budget to determine how much house you can afford.
Save a Down Payment
If saving up to pay the total price of a house in cash isn’t reasonable for your family’s timeline, at least save for a down payment of 20% or more.
What’s the catch?
Save for Closing Costs
Along with your down payment, you’ll also need to pay for closing costs. If you’re a first-time home buyer, you may be wondering how much it costs to close on a house.
Search for a House for Sale in Your Price Range
Find homes you like online so that you will have a good idea of what you’re looking for.
That’s not all!
Browse Open Houses and Think Long-Term
Once you’ve narrowed down the neighborhoods, attend a few open houses. Looking at homes that are for sale—even if they’re not a perfect fit for you—is a great way to learn more about the area.
Let us know what you think about these tips for first time home buyers!
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