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Last November my fiancé and I were looking for a home in the Ocean Reef Club. We called a few of the realtors on site and selected Bob Ecuyer as he has actually lived in the community for nearly 40 years. His team were extremely knowledgeable about the club, events and amenities. They found us a exactly what we wanted in a home. What I liked the most was his team’s desire to help us in every way. His site is http://www.swensonrealty.com.
ReplyThese are some good questions, but I recommend people wait until they can put 20% down. That sounds like a lot, but it demonstrates the discipline to save and it allows you to go without private mortgage insurance. Plus, and this is really crucial, the combination of your mortgage, property taxes, and homeowner’s insurance should not take up any more than 25% of monthly gross income. These are good guidelines for anyone to follow, but especially married couples. Getting this – the single largest expense in most people’s budget – right is an important key to financial freedom. Getting it wrong creates a huge amount of stress and strain on the relationship. I wrote more about this here: http://www.soundmindinvesting.com/vblog/how-much-should-i-spend-on-a-house/
ReplyThanks, Matt. I actually agree with you that a 20% down payment will put any couple on VERY solid financial footing. While the guest poster suggested 3-5% as a bare minimum, my personal advice would be to save at least 10% with 20% being ideal.
Dustin
ReplyBy the way, Dustin, congrats on the new site design. It looks awesome. I know what a ton of work it is to make these changes, so again, congrats! Keep up the great work.
ReplyAsking yourself how long you will live there is a good one. When my husband and I bought our first house, I expected we would live there about five years and then move on. But things don’t always happen in the way you expect. We ended up staying in that house 13 years. If we had known what was going to happen, we might have made some different choices, either in the house we chose, or in things we did with the house, such as decisions about carpet, painting, remodeling, etc. It’s good to keep the possibility of the unexpected in mind.
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