Buying a home typically involves a downpayment and a mortgage. And saving for the downpayment can take a long time. According to NAR, it could take 12 years to save 20% down on a $250,000+ house. Why start that high? First time home buyers do not need to buy a home that costs so much to start off with. Best to get into a starter home and keep saving to later trade up for that $250,000+ home.
Homeowning has been a proven way to build wealth so get in early and don’t let the shows on HGTV make you feel like it is normal to require granite, stainless, master suites and the like in your first home. Part of the fun of homeowing is fixing your place up the way you like over time. Wisconsin communities offer all kinds of levels of housing that would be much more affordable for a first time homebuyer, except for some highly exclusive areas where you’d rarely find something less than $300,000. Start investing in yourself first by saving some money for a downpayment, researching some different loan options and searching for homes for sale in your starter price range. Maybe you could start with a condo. Maybe you can live with 2 bedrooms or a one car garage to start with. Maybe a duplex with rental income.
If you want to become a homeowner, save and start small. You can always move up after you have some repaid a bit of your mortgage and made a nice home for yourself for several years.
At time of writing, there were almost 25 homes for sale in Waukesha County for sale for $100,000 or less.
You can become a homeowner! And First Weber can help. Start your own home search almost anywhere in Wisconsin now.
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