Are You Financially Ready to Buy a Home?
This is often one of the biggest questions that buyers find themselves asking as they weigh the options of home ownership. As real estate agents, we’ve calculated the costs and know that in most cases, owning a home can be a much better arrangement for most than sinking funds into a rent cost that doesn’t get you anywhere. Yet, with buying a home comes many new responsibilities like a downpayment, a mortgage, and the upkeep costs. Here are a few ways you can determine whether buying a home is the best financial decision for your family. You Have 30% Saved When planning to buy a home, you want to have enough money saved up to afford your 20% downpayment and 10% closing and moving costs. That doesn’t mean you will actually have to make a downpayment, many lenders can secure loans that don’t require it. However, you will look more appealing to a lender if you do have that money saved up. Not to mention, if you have that money saved up, and don’t use it for the down payment, you’ll h...