Buy when you are ready
Buying a home is a big decision. This is not something that you should let someone talk you into. I know your parents want you to buy a home, but be patient and make sure that you've completed your homework first. The first step that you want to do is to save your money. Until you are คอนโด able to save 20% for a down payment (but don't use it all) and another 10% for emergencies, then don't even think about buying a home.
This may sound strict, but trust me. I'm a full-time real estate appraiser. Usually, the problems occur when the home owner is not able to manage their money or their job is not stable and they lose their job. Sometimes, they can refinance and take money from their homes, but many times they can't. When this happens, they lose their home and all of the money that they put into it. Sometimes housing values go up and sometimes they go down. If you have enough money (staying power), then you'll be able to keep the home that you've bought.
How much down payment should you give to the bank?
It used to be that you could buy a home for almost no money down. When I bought my first home, I was able to get into my home for $5000 down. This worked great for me and may work for you. While I would like you to save 20% for a down payment, if the bank does not require it, do not give them the full 20%. Keep the money in a separate account and use this to pay your payments.
Some people will tell you to pay a large amount down on your home so that your payment is lower. This is not correct. Always keep as much cash as you can (at least six months living expense). After this you can, pay down your loan from your home payment. The reason why I'm telling you this is because I've seen many home owners put all of the money in their home or a larger chuck of money into their home when they are buying a home just to lose it all months or a few years later.
Listen, buying a home is a balancing act. And the game goes like this. As long as you have money to pay back your home in monthly payments, the bank will not take your home. If you pay a large amount of money down when you're buying a home, the bank will understand that you are taking more risk and they will not require a full appraisal for the home you are buying. So, how much should you put down? You should put down the least amount possible to pay the lowest interest rate.
Order your own home appraisal
Let me tell you a story. The bank hired me to complete an assignment where I drive by the home just to be sure the home is standing. That's it. You see, the owner placed a large amount of money down, so the bank was taking little risk because the home owner put more money into the deal.
If the home owner does not pay the payments for the home, the bank will get all of the equity in the home. In this case, since a full appraisal was not completed, the home owner overpaid for this home. In my professional opinion, the market value of the home was much less than what the home was worth. Now the owner thought that they were doing a good thing, because they were taking their extra money and paying down their mortgage with it.
This will allow them to have a payment that they can afford and a house that they like. But they paid too much for the home. This is why one of the best pieces of advice that I can give you is to order your own appraisal. Now most likely, you won't do this because you think that the realtor or the bank will not do you wrong. This may be the biggest mistake that you'll ever make.
Buy when you plan to stay in an area for five years
If you are a college student or military or something like this, don't buy a home and hope to sell for a profit when you're ready to move in two years. The cost to pay the realtors and banks will eat most, if not, all of your profit.,unless it's a hot market and you can sell your home with a sign out front, And in most cases, you wont know until it's too late.
Don't let your realtor talk you into buying when you're not ready to buy or it's not the right home
If the home does not feel right to you, then don't buy it. You'll know if after you've looked at five homes in a certain area if it will be right. If the market area does not feel right or the home is not what you're looking for, keep looking. Don't let your realtor talk you into something that you don't want. Realtors are usually professional negotiators and there's no reason why they won't use this skill to get what they want, for you to buy a home.
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