Home ownership is a staple of a financially healthy family. As Dave Ramsey says, “The paid off home mortgage has taken the place of the BMW as the status symbol of choice.” By your mid-20s, home ownership should become one of your life goals. Buying a house is not like going to the grocery store and picking up everything on your list. It requires planning, preparation, and patience.
Planning: Know how much money you can afford monthly for a mortgage payment. You want to avoid being house poor. House poor means spending a large proportion of your income on making a mortgage payment, but leaves you short in meeting other financial obligations or investing.
Preparing: Know what you want in a house. If you’re single and want to start owning a home, maybe a duplex is the solution for you. If you’re married looking to have children soon, a single family home in a strong school district is the answer.
Patience: Patience is imperative to get the house you want and the house you can afford. The perfect house will fit both criteria. It will provide a home for you and your family and meet your budget.
To be continued…