Buying your first home can be a stressful process, here are a few things to keep in mind when purchasing your first property:
1. Putting 20% down is great but not necessary. What is most important is that you are comfortable with your monthly payment and do not leave yourself cash poor. There are programs for first-time homebuyers that will allow you to put as little as 3.5% downpayment.
2. Make sure that you purchase in an area you would feel comfortable in. Location is very crucial. Whether it is for commuting purposes, proximity to family, or home value, this is a long-term plan. So, think in the long-term.
3. Have vision when looking at properties. You shouldn’t disqualify a house that is perfect for you, based on a paint job or flooring. Those are easy fixes that can transform the property into your dream home.
4. Set a budget and do not go over it. It is vital to have some savings after you close for any emergencies that may occur.