Comments on: First Home Buyer Info | How To Know If You’re Ready to Buy

By: Green Panda; What is Cool Around the Web This Week « Green Panda Treehouse

Green Panda; What is Cool Around the Web This Week « Green Panda Treehouse — Fri, 14 May 2010 09:03:32 +0000

[...] First Home Buyer Info @ Money Help for Christians [...]

By: Personal Finance Blog Articles this Week | Personal Investment Management and Financial Planning Blog Directory

Fri, 14 May 2010 06:19:23 +0000

[...] Ford presents First Home Buyer Info | How To Know If You’re Ready to Buy posted at Money Help For Christians, saying, “This article includes important points for [...]

By: Craig

Craig — Thu, 13 May 2010 19:53:16 +0000

@Mike
I like simplicity!

By: Panda Mike

Panda Mike — Thu, 13 May 2010 18:28:04 +0000

I’d go with a simple rule:

over the past 2 years, have you been able to gather a significant amount of money (i.e. 4-5K per year)

If not, you can’t afford to leave your apartment and buy a house

By: Craig

Craig — Wed, 12 May 2010 20:33:21 +0000

@David
Thanks for the comment. I have friends who moved to AU and were astonished by the prices of houses. They are currently renting.

By: David @ Credit Letter

David @ Credit Letter — Wed, 12 May 2010 02:30:10 +0000

Great post Craig. I would only add two points. Across the water from PNG, here in Australia the entry cost is so high for first time buyers because house prices are very high and actually rose throughout the Global Recession.

Under your point 6th point, I’d also add that by first home buyers putting down a 20% deposit it makes the monthly repayments much smaller …. which will mean less ongoing stress even when interest rates start to rise.

By: lencib: Falling into Favor

lencib: Falling into Favor — Tue, 11 May 2010 18:03:55 +0000

Yikes! We didn’t follow the first rule. We closed on our house a few months after we got married last year. We didn’t spend a lot on the wedding though. Both of my parents own property, so we had a heads up on the expenses associated with home ownership.

Besides, we live in California. His rent was $1,200 and my rent was near $2,000. Just rent! We’re saving a ton of money by owning!!!!