Celebrating our dads on Father’s Day has always been easy. A sentimental card, or funny one, and a small gift to show you appreciate them. But, what about all the years of advice our dads gave us, whether we wanted it or not? From teenage years to adulthood, our father figures never stopped making sure we were prepared for whatever life threw our way.
Homebuying is no exception. It can be a long, scary process – especially if you’re new to being a homeowner. While we’ve talked about it before, this time we wanted to include you. We asked on Facebook, to celebrate this Father’s Day, “What’s the best advice your dad gave you when buying a home?”. Here’s five of the top tips we received:
“Pay some extra on your mortgage each month. Even small amounts make a HUGE difference in the total amount of interest you’ve paid in the end. There are a lot of mortgage calculators out there that show just how much you can save on interest.”
Marie Porelt’s father gave some insightful advice about taking on monthly mortgage payments. Paying more on your mortgage whenever you can is one way to stay on top of your financials and help lower interest owed. Mortgage calculators are helpful to anyone regardless of how long they’ve been a homeowner. Homes.com offers a great mortgage calculator that assists in calculating those tough figures and explaining what exactly those real estate terms mean.
“Save for emergencies – have at least 3 months of savings that would cover all your living expenses – just in case.”
Emergencies are typically unexpected and even if you prepare for them, they can drastically alter your life plan, especially when it comes to your financials. Julie Jordan-Bartley shared her father’s advice of saving money that’s specifically for emergencies. This will help ease the stress of worrying about your finances on top of everything else. Natural disasters, deaths in the family, or immediate repairs on your property can all be classified as emergencies, so plan well.
“Pick a home that you would be comfortable living in for years and that is not outside what I can afford.”
While first-time homebuyers may not be looking for their forever home right away, it’s important to consider the future when making that final decision. Think of your family, career, and what you see for your future to make sure you find a home that will satisfy your needs to come. Shannon Kirby’s father also makes a point to not look beyond what you can afford. Try looking at homes that you could upgrade and renovate over time, but sit within your budget at the moment.
“He told me to live within my means. I could always upgrade as time went by.”
Our giveaway winner, Rhonda Grisham, shared with us the simple, but sage advice her father gave her. Living within your means applies to much more than homebuying and can be applied to all aspects of life. But, many first-time homeowners purchase a home over their budget, as it’s easy to get swept away in the househunting process. It’s important to go into your homebuying journey with the knowledge that home projects and upgrades are easily attainable over time.
There’s many tips out there to help ease the stress that comes from buying a home. Sometimes, the best advice comes from people who aren’t necessarily experts, but have gone through the process years before and know first-hand the problems many of us face. So, we want to thank all of the dads for their years of wise advice and here’s to many more. Starting your homebuying journey? Head on over to Homes.com to start your simply smarter search today!