Budgeting Tips for Your First Home Purchase
These are my best pieces of financial advice for first-time homebuyers.
Today I’m going to talk about a touchy subject: money. Specifically, I’ll discuss how to prepare your finances for buying a home.
First, you’ll need to know how much cash you have to store away to prepare for your purchase. Speak with a lender, who will use the income from your job to determine how much house you can afford. Take that number and multiply it by 5% to determine what you’ll need (at minimum) for a down payment. On a $350,000 home, for example, that’s $17,500.
How do you even save that much money? It's as easy as you make it. You can take up a side hustle to make some cash or put your skills to the test and market your talents away. The most important thing is to hold the vision and trust the process. You might have to give a few things up or alter your lifestyle a bit, but it will be worth it when you have the keys to your new home.
If you have any questions for me about saving for a home purchase or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.
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