Sister’s New House
In this segment of The Marc and Mandy Show, Marc and Mandy chat about Mandy’s sister owning her first home. Check out the video above to learn more about Mandy’s sister’s story or keep reading for some advice on first-time homeownership.
Take care of any debt
For most people, a house is the biggest purchase they’ll make in their lives. As such, you want to make sure you’re in the best financial place as possible before taking on such a large purchase. This means clearing up any existing debt to your name and paying back any existing loans.
Establish good credit
If you suspect you have bad credit, you’ll want to request your credit report. If your credit rating is low, it might not be the best time to make such a big purchase and you may want to take the time to build up your credit again. You can also consider bringing on a co-signer.
Set a budget
Even if you’re getting a loan to put towards the purchase of your first home, you’ll need to budget for the down payment. You’ll want to decide how much you are able to afford in terms of a downpayment before you start your house search. You should also budget for other costs associated with home ownership, such as insurance, taxes, and utility bills etc.
Research the housing market
Some market research will help you to get a lay of the land and see what’s in your budget. Bring on a real estate agent who has plenty of prior experience, excellent credentials, and references.
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