You’re ready to buy a home, now what? We recently shared a three part series on how to buy your first home.
Real estate is a HOT topic, now and always. Nothing historically has built wealth like real estate has. For first time home buyers the excitement is real when we have a chance to sit down to look at what it will take to get into a home. Whether you are wanting a long term investment, you are relocating or you are growing your family, the steps consist of making solid financial choices and decisions. As long term followers and teachers of the Dave Ramsey, Financial Peace steps, we’ve broken down a few of the first items to tackle.
- Pay off your debt using the snowball system Dave Ramsey suggests. Pay off the smallest debt first while paying the minimum payment on your other debts, then once one is paid off add that monthly amount to the next smallest debt, and so on, until you are debt free.
- Save for your downpayment. This amount averages around 5% of the home’s sale price.
- Save for your closing costs. Typically you’ll need 3-6% of the loan amount.
Finally, don’t stress over the big picture, instead just make the decision to buy a home, write a plan of action and get started! It may take you two months or it may take you two years, but the outcome will be the same, homeownership.
Watch our Financial Friday episode to hear more about the first steps to becoming a homeowner. Then watch for our second and third episodes too! In the meantime, call one of our Cheyenne realtors to ask any questions you have for your journey, 307-635-03003 or connect on our website. Steve Prescott is the local Ramsey Trusted Advisor, formally known as Endorsed Local Providers (ELPs).