How to Save for Your First Home
Are you thinking of purchasing a home soon? Buying your first home can be scary! The process can be overwhelming. However, when you close on your first home, the reward will be worth all of the effort. I purchased my first home at 26. To be honest, I sort of purchased my home on a whim. I
definitely had been saving but it was sort of an “I’m all in no turning back” moment. I told my realtor friend that I was considering purchasing a home. I was excited but I’m sure I asked him 5,557.8 questions (lol). I was nervous but he made the process relatively easy and smooth. I won’t talk about the importance of selecting a good realtor here but do make sure you select someone you can trust. Yes, the commission checks are nice but you want someone who truly cares about the condition of the home and the environment of the home he/she sells to you. Owning a home comes with a personal reward, but it also comes with tax rewards (who doesn’t like write-offs?!?). If you’re considering buying a home, here are 3 ways I saved for my first home:
I know this sounds simple right? Save. You literally have to save for your home. If you don’t have a steady job or steady income, you may want to make sure you have enough savings to pay your mortgage for a few months when freelance opportunities are not as frequent. Even with a steady job, you want to be sure you have a few months of savings to cover your mortgage and bills. Life can throw us curveballs! The beauty of saving is you can truly create a nest egg if you find first-time homebuyer programs and grants in your local area. Ask your realtor about any programs he/she is aware of. Google is your best friend. Save a reasonable amount to not only cover your bills but closing on a home has both upfront and closing costs. The upkeep on a house costs too!
You don’t want to be house poor. Looking back, sometimes I wish I would have bought a smaller home. However, I purchased with the thought of living in my home for at least 10 years (I hate moving and packing…lol). It is so important to budget for purchasing your first home. Be sure you do not go house poor trying to keep up with your friends or family. Factor in all your bills. This goes beyond the electric bill, cable bill, etc. You must budget for everyday expenses and those bills that are not always reoccurring. I have to budget for my annual homeowner association bill and even unexpected costs. My home was brand new, I didn’t even think about the fact that I needed to buy blinds and even pay to make my garage automatic! You want to save for those small costs that will add up. It’s the cost of homeownership.
Repeat, repeat, repeat. Budget and save. Save and budget. I’m always in a constant state of telling myself I need to budget and/or save more. We all know the song spend a check and get it right back. However, unexpected bills have a way of showing up right before we get that check back (lol). Owning a home is worth it, but you want to be smart. Budget, save, and if you’re truly considering purchasing, find a good realtor in your area. You can own your own home if you truly believe and buckle down on your spending and savings.
Of course this is not an all inclusive list. It’s so important to select the best realtor for you and research the home buying process. What are some tips you’d give someone who is looking to buy their first home?
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