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How to buy a House by ambreese1

How I did it: I worked two jobs for a year to save up the down payment. When I was ready to purchase I looked for a home in a great location, you can change a lot about your home but not the location. I bought a house under my price range , which ended up being cheaper than rent. I also decided to purchase a place with rental potential, which was a great plan, because now 7 years later it is a rental property that I earn income on every month!

Lessons & tips: Pay off all debt before buying.  Don't buy until you can put down 20%, to avoid paying private mortgage insurance(PMI).  Always have at least $1,000 in an emergency fund left over.  Great location is a MUST.  Don't buy a home bigger than you need.


2 people found this helpful
 

Feb 16, 2012, 05:09PM PST | 1 comment | 16 cheers


Comments:

ooreach just worked out. getting ready for work.

buying UNDER your budget? What an Un-American thing to do! GREAT JOB!! Inspiring to those of us that are waiting to do it the right way and taking the time to find a good home in a good location at a price under OUR budget. Thanks and have fun changing that house into your home.

Feb 18, 2012, 01:11PM PST | Respond to this


ambreese1 has gotten 16 cheers on this entry.

 

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