Summary
Owning your own home means you can hang whatever you want on the walls, paint the interior and exterior in the colors of your choosing. If you can’t afford the down payment, mortgage payments, taxes, and upkeep, it’s not the right time to buy. Buying a home is a long-term investment, unless you plan to live there for at least five years.
Before you start looking, know where you want to live and intend to be there for at least five years. Don’t overextend yourself. Being “house poor” is no fun! There are seven steps you can take to ensure you can afford a home.
If you can’t make a deal for the house you want, let it go. If you find that prices or interest rates are keeping homes out of reach, give it time. Consult with an experienced team of professionals, including a financial advisor, CPA, and real estate agent.
