Our First Time Home Buyer Experience

  • One big goal was to save a 20% downpayment to avoid PMI (Private Mortgage Insurance)
  • There are programs available for those who are income-qualified to avoid PMI if you do not have at least a 20% downpayment.
  • Try to keep your monthly mortgage no more than 20-25% of your monthly income.
  • You do not want to have too much house!
  • Do your best to get a 15-year mortgage that will help you pay off your home mortgage faster than having the traditional 30-year mortgage.
  • Understand the location of the home you’re buying.
  • One major key to buying a home is LOCATION.
  • Survey the surrounding areas and drive through the neighborhoods in the area as well.
  • Check Google Maps and look up the address of the home you’re interested in to see what’s near. (There may be train tracks that you weren’t even aware of!)
  • Having a home with an HOA, Home Owner’s Association can have pros and cons. Typically an HOA subdivision or home means you will have amenities like nice landscaping throughout the neighborhoods, a club house, a pool, a playground, or even a basketball court.
  • Visit as many properties as you feasibly can. You will want to take notes for features and considerations that one home can’t give you.
  • AGAIN, LOOK AT MORE THAN ONE HOME!
  • What tips do you have for buying your first home? Comment below or check out the Habesha Finance Facebook group and share your thoughts there!

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Matt

Hi! I'm Matt, an engineer on the path to financial independence and early retirement. One of my greatest passions is to teach and give people the tools and knowledge to reach their full potential in life. Subscribe to the Habesha Finance newsletter and get your FREE financial checklist today!