Quote:
Originally Posted by 1stLand
For someone looking at getting into the real estate market (1st Time Homebuyer) who does not have job security or is just entering the job market.
1. Do not over-extend yourself - Buy something you can afford (ie: Condo's / Townhome)
2. Prepare to own this home for atleast 5 years
3. Expect fluctuations in the value of your home for the next few years
4. Budget for repairs and miscellaneous expenses
5. Take on a room-mate if possible
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-Taking on a room mate leads to more issues than it would if you just purchased a place you could afford on your own.
- Why prepare to live in the place for 5 years. My last 2 foreclosures will see at least $30,000 in instant equity. Why wouldnt they sell in a couple years if there was a life change.