Buying your first house feels overwhelming mostly because no one gives you the order to do things in. Here’s short writeup of how it goes.
First, work out two numbers:
- what a lender will approve you for, and
- what you can actually carry month to month without stress.
They’re usually different, and the space between them is where people get into trouble. Get pre-approved so you’re shopping with a real budget. Look into first-time buyer and down payment assistance programs before assuming you need 20% down, because you probably don’t, and help with closing costs is one of the better deals in housing. Then make offers, get inspections, and keep a clear head about the numbers.
One thing worth knowing early: your first house doesn’t have to be a pure expense. If you buy a two-to-four-unit building, live in one part, and rent the rest, a tenant helps cover your payment, using the same first-time loan at 3.5% down. That’s house hacking.
Find your step: take the free readiness roadmap, then compare renting, buying, and house hacking on your own numbers.
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The five-stage plan I followed from the van years to a duplex.