Treasure Map to Home: Financially Ready to Buy a House

REAL ESTATE IS LIKELY THE BIGGEST INVESTMENT YOU’LL EVER MAKE, BUT IT SHOULDN’T HAVE TO BREAK THE BANK. THIS INFOGRAPHIC SHOWS HOW TO MAKE FINANCIALLY RESPONSIBLE DECISIONS IN THE HOME-BUYING PROCESS. IF YOU’RE FINANCIALLY READY TO BUY A HOUSE, YOU CAN HAVE A MORTGAGE AND STILL PROTECT YOUR BOOTY!

Treasure-Your-Home

 

1. Save Money

Orient yourself by saving 10% of every paycheck for a house before you start the buying process.

2. Budget

A budget based on income and savings will be your anchor. If possible, pay all cash for real estate.

3. Get Pre-Approved

If you can’t pay cash, find a lender to approve a loan. A 15-year mortgage is more responsible than a 30-year.

4. Find an Agent

Hire someone you can trust and who understands your financial limits.

5. House Hunt

Finally, the fun part! Stay under budget to leave room for closing costs, repairs, etc.

6. Make an Offer

Keep in mind, your down payment should be at least 20% of the cost of the home.

7. Inspections

You don’t want to purchase a treasure that turns out to be cursed!

8. Insurance

Protecting your new treasure may cost a pretty penny, but it could save a fortune down the road.

This infographic inspired by Dave Ramsey Financial Freedom teachings.