Closing costs and future expenses come with any property so be sure you can afford more than just the amount you’ll be putting down for a home. Experts suggest having 1-3% of the purchase price in savings to cover any additional fees, improvements or unexpected expenses that may arise.
About home ownership
Home ownership is rooted in tradition and deep-set family values. The intense emotion associated with buying a home is still one of life’s greatest enjoyments, experienced tenfold when that purchase is made for the first time. With heightened feelings come affordability concerns.
Here are some things to consider if you’re a first time buyer:
Mortgage specialists recommend holding at least 6 mortgage payments in the bank in case of job loss or other unforeseen circumstances.
For starters, work with the seller or builder to determine repairs and improvements; a thorough inspection will help this process along. Once you know the cost of repairs and improvements, you can budget the necessary funds many months in advance.
Ready to get started finding your perfect home?