You’ve been a renter, a tenant, for long enough. Now you’re ready to say goodbye to the landlord and become a homeowner yourself for the first time.
You are not alone. The credit bureau TransUnion projects at least 8.3 million first-time homebuyers will enter the housing market between 2020 and 2022, up significantly from 7.6 million during the 2016-2018 period.
For many people, buying that first home is the single largest purchase, and, perhaps, the most important investment, they have made to this point in their lives. Given the financial magnitude of a first home purchase, the nuances of the purchasing process and the far-reaching ramifications it’s likely to have on a person’s (or a couple’s) life, the better prepared you are, the more positive the outcome is likely to be.
Here in the second in a series of articles from the Financial Planning Association® (FPA®) about home ownership, CERTIFIED FINANCIAL PLANNER™ professionals provide potential first-time home-buyers with advice and guidance to help prepare for and navigate the purchase experience.
So, you’re considering purchasing your first home. Having never been down this road before, you have questions: How does the process work? What should I do to prepare in advance? Are there steps I can take to put myself in a better financial position leading up to and after the purchase?