The financial blog couplemoney.com gave very prudent advice in THIS POST for aspiring 1st-time home-buyers. They recommend taking a breath before jumping into a house and making sure that the home-buyer is both financially and emotionally ready for this level of commitment. What I also love about the post is that they recommend a home-buyer take into account their other financial goals (i.e. retirement, debt reduction, etc.) before committing to a house because “lenders and real estate agents don’t figure this into their calculations.” This is exactly why I chose to pursue the CERTIFIED FINANCIAL PLANNER™ designation: so I can help applicants take these other objectives into account. Here is good excerpt from the post:
*“I will say up front that I don’t think home ownership isn’t for everyone. If you’re not willing to put in the legwork and run the numbers, it can be a huge financial and emotional burden. If you’re really intent on buying a home, taking the time to get a financial plan in order can be a huge step in helping you reach your goal. It can also provide you a way to make home ownership a relatively enjoyable experience.”