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What To Know Before Buying Your First Home
By:Annalisa BurgosandGeoff Williams
Life is full of exciting firsts. Your first steps. Your first day of school. Your first love. Your first job. Your first place.
Whether you want to move out of your parents’ home for the first time, own a home after renting for years or buy a place with a spouse or partner, purchasing your first property is a big step. It takes a lot of preparation when you’re in this stage of your life, and a little luck never hurts.
Brittany Frey, 24, may be a little younger than the typical first-time homebuyer, but she probably speaks for most of them when she talks about why she bought a house.
“I’ve been working at the same professional job for the past three years and feel like I’m ready,” says Frey, who lives in Buffalo, N.Y. “My rent has ranged from $600 to $800 per month, and that’s a lot of money to just throw away. And,” she adds, “I think I was just sick of renting.”
Frey is one of the lucky ones. With no house to worry about selling and it being a buyer’s market, Frey could afford to take her time looking -- and then pounce. After looking at 40 houses and condos, that’s exactly what she did, and she is very pleased with her purchase.
Renting instead of buying a home may seem like the most convenient or most affordable way to go. It pays to do some simple research to understand the pros and cons of buying versus renting. You may find that owning a home is actually your best option.