Knowing when the best time is to buy your first home is essential, as many contributing factors can hinder the experience. Take into account the following aspects that can be potential pitfalls for a first time home buyer.
As a rule of thumb, a 20% down payment is the ideal amount to put toward the purchase of a home. The more you pay upfront, the lower your monthly repayments will be, and the more money you will save in the long term.
Beyond purchasing a home and making regular mortgage payments, homebuyers have other recurring costs that need to be factored into the responsibility of owning a home. These costs include annual property taxes, homeowner’s insurance, utility costs, home maintenance, and closing costs.
Not Knowing All the Costs Involved in Home Ownership