Clay and I have been in our home for almost three years, and I can’t believe I am saying that! When we first got married, we lived in an apartment while I finished school. We couldn’t wait to buy our first home, and in fact, I had been dreaming of it long before we were even engaged. As a kid growing up, I loved the TV shows that were about decorating and searching for a new home. I don’t know why, but I truly gravitated towards them, and was beyond excited when it came time for us to finally find our very own home!
Now that we have lived in our current home for a while and are (almost) finished updating and remodeling our home, I am excited to share some advice to help you in your future house endeavors.
Here are three questions to ask yourself before you buy your first house:
- Are you ready? Buying a home is a huge commitment. It is suggested that your mortgage payment will take up 30% of your monthly income and you need to make sure that you are ready and can handle such a load.
- What can you truly afford? Banks likely will allow you to take out a loan larger than what you might be able to handle month to month. Since the average cost of a home is 30% of your income each month, you should determine what that number is and then create a budget based off that. If you aren’t careful or paying attention, a bank may allow you to take out a loan larger than what you can truly handle which is where you can get into trouble later. Do the math and be prepared! If you are buying a fixer-upper, consider getting a mortgage that is less than 30 percent of your income so you can afford to update as you go.
- Did you weigh the pros and cons? If you come down to the end of your home search and are trying to decide which house to go with because several made the cut, it’s a great idea to write out the pros and cons of each choice so you can make an educated and thorough pick. Each home comes with its share of flaws and benefits, so it’s easy to be caught up in which house to choose. Our current home is a lot older than the other house we were comparing it with, but it had twice the space and tons of character, which is ultimately why we chose it. For that reason, it has been such a blessing to us and our families, so I am thankful that we took the time to compare our options with a pros and cons list.
I hope this helps you prepare for buying your first home!
