In today's market, you should have at least 5% percent of a home's purchase price for a down payment. This means a $150,000 home could require $7500 down plus closing costs. If you saved $313 a month for the next 24 months, you'd achieve that goal. On the surface, that may seem difficult—but it's not. Make some short-term sacrifices now to save for a down payment on a house.
If you don't have a budget, now is the time to create one. Examine each line item and ask yourself, “What can I do to reduce this amount?”
Buying a home can be an expensive endeavor, and many potential buyers choose to shave a couple bucks off the final price by purchasing starter homes or properties that need a few repairs. And while this strategy can be an effective way to save money and, in some cases, personalize the house, knowing which repairs are more pressing can help new homeowners avoid delaying certain issues for too long.
99% of the population loves spending money if they have it. You might say you don’t, but just remember the adrenaline rush you had when you handed over the cash and carried your last purchase out to the car. It’s even better with your first home because it will be the most expensive thing you have ever bought so far, plus it’s a big leap from your next highest purchase which was probably a car. Spending so much money all at once makes you go a little crazy sometimes.
Because you’ve not bought a house before you might be in for a tough time, but this isn’t something you want. The last thing in the world you need is for something to go wrong because it will bring you untold stress. It’s even worse if you end up living in a house you don’t want because you made a mistake when you bought it. This means getting everything right the first time is absolutely essential, so we’re going to look at questions you must as yourself before you hand over any money.
Great info on everything real estate.