When To Know Its A Good Time FOr You To Buy Your First Home (From A Realtor)

It’s always a good time to buy your home! (sike) When buying your first home there are multiple factors to consider. I am not going to tell you to rush in and buy your first home but rather, consider these important factors below before making a huge financial purchase because at the end of the day, a house is debt.

INCOME / DOWNPAYMENT

One of the biggest factors I suggest new home owners to consider is reflect on how much money do they bring every month. If you’re buying a 800K home at 20% downpayment, your mortgage will be around 3K a month and it wouldn’t make sense for you to buy if you’re only bringing in 4k per month because you still have expenses and need to also save during this time. You must also be able to save every month towards your investments otherwise, you’ll be house poor. An option to seriously consider is asking your partner if they want to purchase a home together. That will generously help your income scenario and pre-qualification to help you get preapproved. Now if you don’t even want to do 20% DP, of course you can go lower and even FHA but you will have to pay for PMI or MIP which will add on to your monthly mortgage. The only time to consider this is when you don’t have much saved but make well over 100K a year.