I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
What Carl said is pretty good advice, a couple of things that might help you plan is know where you want to buy and find out how much homes in that area typically sell for now and what they are estimated to cost in 5 years. I’m in a similar situation, except I’m wanting to buy now and I’ve been looking for a home in my area and I’m find out that the price is way higher than what it was 5 years ago. Also research what home buying assistance program are available in your area to find out what they offer as well as requirements, especially if you are a first time buyer. Some lenders may have programs that only require 3% verses 20% down payment at closing. But, basically you just want to start putting money into a saving that you don’t have easy access to, so you won’t be tempted to spend and see if your employer has any programs that will match what you will put into a savings. Hope this helps and good luck on exceeding your goals!
It’s kinda humorous sometimes, the folks I talk with looking to buy their first house. Usually newly married couples. They say they’ll be fine with the down payment in the bank, and don’t need anything extra. They “justify” it with the fact that they’ll be using the furniture they already own, that’s in the house they’re now renting and that “friends” will be helping them move and relocate to the newly purchased house. Then I remind them of a few things.
– The curtains you have will not fit all the windows in your new house. Curtains aren’t cheap, and the wife doesn’t care about the cost either. She’s not going to tolerate those piss green curtains in “ANY” room, and especially not *her* bathroom.
– Those “friends” who helped you move? They’re expecting to be invited to the house warming party the next weekend. While they may not get steak and lobster, there damn well better be beer!
I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
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