Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
What Now?
I am fairly young so I don't have much experience with renting and none what so ever with owning; neither does my soon-to-be husband. We are looking to invest in a home but there's one problem- neither of us have a clue as to how to start. We need advice on things like:
1)What price range should we look for on our current income.
2) Everything else.
Help, please? Anything that will aid in getting us started is much appreciated!
Re: What Now?
1. Even if you told us your current income, we wouldn't be able to help you too much. This depends on your debt to income ratio. My H and I owe a lot of student loans, but have nearly perfect credit. We didn't get very much for a loan, because of this. Go talk to the bank. They will be able to tell you more.
2. Start with the bank. Once they give you a number, compare that number with rent. Remember with a house, you have ALL utilities, insurance, ect.
I am sure others can recommend books and websites to help you out as well. We decided to rent for another year while we did our research. And I am happy to say that we have been in our house for a month now. It has been a lot of work, but well worth it.
I second everything PP said. But also remember: you should have a big emergency fund before buying a home. You will be responsible for repairs, unlike if you were renting. We have only had our home for 13 days and have already had the washing machine break! If we didn't have an e-fund, we'd be screwed.
Look online at some houses with your spouse to get a feel of what you like or want/need in a house. After you get with the bank and talk about what you can afford, look for homes in that price range and figure out if it is even feasible at this time.
GL!
I just started reading Home Buying for Dummies as it was recommended to me and so far so good. it tells you everything from the begining (having finances in order, being mentally/physically prepared, to how much you can afford, to what a mortgage and so on) I'm only on the third chapter or so but so far so good but it does scare me a little! I've been in 2 condos for the last 8 years so it would be a big change.
You can also try Mortgages for Dummies, I will get to that one next.