Am I Ready to Buy a Home in 2018?
If you’re aiming to purchase a home in 2018, it’s time to start saving. And then to save some more. Between putting money down, keeping up with mortgage payments and repairs and maintaining your emergency fund, you can never have too much stashed away.
But how much do you need, really, before you’re ready to make a purchase?
Once you think you’ve got a fair amount saved up, ask yourself: If you put 10 percent down, plus another 10 percent for cover closing costs and moving expenses, would you still be able to pay your mortgage and live comfortably? If the answer is no, you might want to keep saving.
The No. 1 sign that you don’t have enough money to buy a home is if you find yourself saying, ‘I think we might be able to make it work.” You don’t want to put yourself in a position where you’re barely scraping by. Life is all about taking calculated risks when appropriate, but taking a risk on the largest purchase you’ve ever made is not smart.” Emotions run high (both excitement and stress) when searching for a home, but moving too quickly is a recipe for disaster.