It’s tempting to skip the money question and jump straight into looking at homes in your area. After all, home shopping is way more fun than thinking through your finances! But a weak financial foundation is a recipe for regret when it comes to your home purchase.
Don’t shortchange your future by having a short-term perspective. You'll build years of memories in your home. You’ll share countless meals in the kitchen and spend hours enjoying warm summer days in the backyard. Do you want those moments overshadowed by financial stress?
Buying a home is probably the biggest purchase you’ll ever make. Are you sure you’re ready? Answering these two questions will help you know!
Before you begin the home-buying process, we recommend paying off debt and saving up three to six months of expenses in an emergency fund. Being financially ready to buy a house is important. Why?
When you no longer have a landlord, the responsibility of paying for repairs falls on you. So what happens if your water heater bursts after just three months in your new home?
When you don’t have room in your budget and no savings to fall back on, you may be eating ramen for the rest of the month to get that fixed. But if you have a full emergency fund and no debt taking up real estate in your monthly budget, an unexpected repair won't rock your whole life.
Just like any goal, buying a home the smart way takes planning and preparation. The most time-consuming task is saving cash for the down payment, closing costs and other moving expenses.
Ready to get your savings rolling? You’ve got this! Saving for a down payment isn’t rocket science. Set a plan and focus on your milestones and you’ll have that down payment before you know it. Think you are ready to see what you may qualify for?