You’ve saved up your down payment, and your eager to start searching for your first home. What now? There are a few more things that you, the first time homebuyer, can do to prepare for your upcoming journey.
Calculate your total homeownership cost- Be sure to factor in any and ALL cost associated with your home. This can include homeowners association fees, home insurance, etc. This will allow you to set a more accurate budget, as well as target your ideal home price. Fannie Mae recommends you do not spend more than 28% of your income on your home.
Budget- If you don’t already have a household budget set, it would be a good idea to start one prior to moving into your home. This will keep your spending habits in check, and allows for easier saving. Be sure to factor in variables such as gas and parking if you will be commuting to work.
Save More- Now that you’ve gotten into the habit of saving in order to get your down payment, it isn’t time to start now. Keep you the good work! Having a cushion for unexpected expenses come in rather handy as a homeowner. While you may not need it anytime soon, you can feel at ease knowing that it is there when you do.
Determine needs and wants- Make 2 lists, one of things that are a necessity in your new home and the other of things you would like but are not necessity. Bringing this list to your builder, will help them determine the solution for building your dream home.
Contact us!- Contact us at Tuskes Homes and we will navigate you through the homeownership process from beginning to end, so that you end up with the home of your dreams for you and your family.