My partner and I are looking to buy a house around Chicago. We started saving just recently and only have 5k at this point. Our lease will be up in February 2009 and by then we should have about 11k in savings.
Since we are first time home buyers we don’t really know where to start.
Should we start looking now? Or are we too early?
I know the market is looking great for buyers right now. But should we wait until we have 20k together?
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best suggestion – go talk to a local loan officer NOW (it’s free) to see if you should wait or not – for example – while you wait to save up more $ down the home price could go up as well – the you don’t save anything – seriously – go talk to a loan officer today – let them help you evaluate your overall situation because there are some 1st time buyer programs out there so you don’t need more than $5K in down payment money to purchase – also make sure you get a good realtor (free to you as a buyer as well) good luck
You need to figure out how much house you can afford. This is very important so take time with it. After that, you will need to find out which neighborhoods look good in your price range. The only way you can do that is by looking at houses in those neighborhoods. Good luck.
Pay off all your debts first, like cars, credit cards, etc.
A house is a big investment. Besides having normal monthly bills, you also have the upkeep on the home.