Buying a home is an important task and requires a little concentration and time. You may spend years saving, saving and eating Ramen noodles to save your down payment. Once you have it, you can think that you are finished. However, many people focus so intensely on getting the house that they forget about what comes next.
Getting the house is exciting, but life keeps moving and expenses keep coming after closing the deal. On the day you receive your keys, you should ideally have at least six months of your income saved for home repairs, property taxes, and rainy days. In fact, many mortgage lenders require borrowers to prove that they will have some money left after closing. Singles, couples, families, at some point almost everyone devotes their financial attention to buying a home.
Well, student loans continue to top the list as the number one reason today's homebuyers (51%) struggle to save to buy a home, followed by credit card debt (45%) and auto loans (38%). One of the biggest impacts of buying a home is discovering that it takes a lot more cash to close a home than just a down payment.