Buying a home is a long term investment. Here are some things to consider before entering the real estate market.
- Saving to put 20% down will save you in the long term in both interest and mortgage insurance.
- Budget to set aside money each month for home repairs, 1% of your home’s value annually is a good rule of thumb.
- Save up for emergencies. Setting aside 6 months of your expenses is a good rule of thumb.
Planning for the long term will let you buy your first home with confidence.