Buying your first home is a significant step, and making informed decisions is key. I’d like to offer you some things to think about to help you make a solid decision:

1. Why Are You Buying? Ensure your reasons are sound and realistic. Whether it’s an investment for the future or bidding farewell to rent payments, clarity is key. Don’t settle – make an informed decision with a clear purpose.

2. Long-Term Plans? Ideally, plan to stay in your first home for 3-5 years to break even on the mortgage. Life circumstances might shift, but a more extended stay benefits your financial outlook. If future moves are on the horizon, consider waiting for better financial readiness.

3. What Can You Afford? Ensure your mortgage payment stays below 25% of your gross income or up to 28% with no other debts. Keep total monthly debt payments under 33% of your gross income. Realism here is crucial to avoid risking your home.

4. Ready for Responsibility? Homeownership comes with responsibilities – think handling repairs and maintenance. Build a fund for unexpected home expenses to ensure you’re prepared for the responsibilities that come with being a homeowner.

Owning a home is not just a financial milestone; it’s a testament to your hard work, dedication, and the place where countless memories will unfold.

Know someone wanting to buy their first home? Send this to them!