[Shawna]

My parents are forever renters. They could afford a home but choose not to.

I am 42 with some medical debt I’ve been trying to work off.

I got my credit score in the 700s now but don’t know the first thing about buying a home.

I crave the stability owning a home brings.

Please send help.

[Elizabeth]

There’s no stability owning a home. From property tax rising, home insurance rate increases, and home repairs etc…

I’m 63, and once I can no longer do this, I aspire to rent again.

[Lisa]

Take a class at your bank or credit union on first time homeownership. I wish I had.

There are so many terms to learn and finances.

You need a big down-payment, savings for taxes, insurance, repairs, lawncare, snow shoveling, time for gardening or landscaping.

Go small is my advice.

A place of your own is wonderful, but have money for other activities and travel.

All the best. And pray for direction.

[Annie]

First step is to get pre-approved by a bank! Look into banks local to your area that offer home loans.

They’ll be able to help you from there.

[Beth]

Reach out to your local extension office to take a first time home buyer class.

[Erin]

You will always need a place to live! It makes sense to buy a home and pay your own mortgage Not someone else’s!

It’s a solid investment.

[Deborah]

Worst time to buy. Wait until interest goes back down. Maybe house prices go back down, if the prices do go back down.

Good luck

[Jean]

If you ever buy a home, make sure you get a home inspection done.

[Annette]

First save up at least 6 months living expenses, and then save up at least 20% down payment.

Between the annual increases of property taxes, and Murphy hitting (think exploding water heater, needing a complete new a/c system, washing machine flooding, etc), you need all that cash to cover those expenses.

Otherwise you will be very house poor.

[Sue]

I understand. I own my home and it is paid for. No rent, no mortgage, but I still have to pay my property tax and I have home owner insurance.

I feel this has been my greatest investment.

It is worth more than I paid for it.

My tax and insurance an upkeep is less than I would pay for rent, and I have a return on my money if I ever need to sell.

I would say get a good realtor.

Get references as there are some awful realtors out there.

I have had a good one and a really bad one.

[Sherry]

Get pre approval from bank and find something a good bit less than what u are approved for

[Carol]

Owning a home is no panacea. In addition to the predictable costs, which tend to rise (insurance, property taxes, etc.)

there are inevitably repairs that are needed, some that can be quite costly.

It’s important to have an emergency fund for those eventualities.

[Allison]

The way I view it….
Say you pay $1000/month now on your traditional 30-year mortgage. In 30 years your last payment will also be…$1000.

Now imagine you pay $1000/mo in rent now.

In 30 years your rent will be ~$2,500, assuming 3.18% annual increase.

In 30 years you’ll own your home which will have appreciated about 3% annually.

However if you rent you’ll be left with nothing.

Yes it costs money to own a home however this is a long term investment that is worth protecting (insurance) and maintaining (upkeep).

[Michaela]

It’s only stable if you keep up on the mortgage. First figure out what size house you want, finish paying off the medical stuff and then open a HYSA for your down payment.

also keep improving credit if possible or stay current on all bills if you go for an underwriter

[Phyllis]

Buy small and build equity- buy the worst house in the best neighborhood- location is everything- we started 60 years ago buying a $28,000.00 home, every 5+- years we moved up – my house is worth $725.000.00 now after 60 years of purchases.

We actually paid 12% interest in 1979 for 7 years too

[Kay]

Understanding you don’t need a huge home is important. Just get what you can afford and be happy in.

Taxes do go up but maybe a home away from cities is a better idea

[Cindy]

I don’t know where you’re located but I would recommend finding g a good realtor and a good mortgage broker

[Bonnie]

Owning a home is a huge liability as much as a stability. I wish I had the answers for you but each circumstance and financial situation needs evaluated to offer advice.

[Jo]

Get pre approved. But remember 30 days come fast. Once approved look for homes in your price range.

You decide not the bank what your price range is.

You don’t have to use the entire amount approved.

Good Luck.

[Pennie]

It’s not just about having money for purchase… always lots of $$ for upkeep…

[Andrea]

Allison Jackson Yes! I’d like to move into something smaller w/one level & a small yard requiring minimal maintenance.

I refinanced @ <3% & pay less on my current mortgage than people pay to rent a room in someone else’s house with a shared bath!

I’m not going anywhere anytime soon.

I’m happy to have bought when I did, & glad to have a roof over my head.

[Lisa]

First step. Visit your states website for first time homebuyers. My state will give you $ towards down payment/ closing cost…

you don’t have to repay if you live in the house for 5 ish yrs.

They will also give you “ green” money for updating appliances that are energy efficient.

Most programs are 6 weeks.

[Jill]

if you plan for unexpected repairs/costs a home is a great investment.

I purchased my home in 1990 for $75k and now its worth about $450k.

renting is just giving your money to somebody else.

we have a savings account set aside for emergencies because lately we have something almost every year that needs to be done on the house but if you plan for it there’s no feeling like owning your own home.

This is my first and only home and if I recall my real estate agent helped me out with alot of information I didnt know.

Also, the bank will approve you for more than what you should purchase so make sure you know what you can afford and not what they approve you for.

[Charlotte]

Get pre-approved for a mortgage. Most realtors will require it before they show you anything.

A loan officer will tell you the maximum mortgage that they can offer you.

That doesn’t mean that you have to have a mortgage that high.

They will also tell you how much money you need to put down on a house.

You can plan and work from there.

[Author]

Posts