![]() Just like any goal, buying a home the smart way takes planning and preparation. Still not sure? Take our assessment to see if you’re ready to buy. You have a real estate agent you trust.You can afford monthly mortgage payments and home maintenance.You’re debt-free with a fully funded emergency fund.Here are seven things to check off your list before you’re ready to buy a house: (This is one of the reasons I recommend waiting at least a year after getting married before you buy a house.) Buying and selling a house is an expensive process, so you’ll want to live in that area for the next 5–7 years. It doesn’t make sense to buy a house if you plan to move sometime in the next year. With a full emergency fund and no debt draining your monthly budget, an unexpected repair will just be an inconvenience-not the end of the world.Īnother thing to think about before buying a house is your stage of life. So, if the hot water heater springs a leak two weeks after moving in, it’ll be no big deal because you have an emergency fund to cover the repairs.īut when your budget is eaten up by debt payments and you don’t have any savings to fall back on, you might be eating ramen for the rest of the month just to get that water heater fixed. Picture this: When you buy a home, your landlord is you! That means paying for repairs is your responsibility. Think of this money like an insurance policy against life-it’s important to have this safety net when you get ready to make a big purchase like a house. Step 1: Make sure you’re actually ready to buy.įirst things first: Before you jump into the home-buying process, I want you to be debt-free with 3–6 months of expenses saved up in an emergency fund.
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