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If you’re thinking about buying a home, there’s a lot to consider. The process of buying a home really starts well before you even start shopping for a house — there’s likely a lot of saving and preparation to do before you reach that point.
But, the sooner you start the process, the sooner you can buy.
Financial planner Riley Poppy of Ignite Financial Planning in Seattle, Washington says there are five steps to take now for anyone who’s considering buying a home.
Consider the non-financial side of owning a home — is it something you’re ready for?
Buying a house is a big commitment — it’s so much more
- If you’re considering buying a second home, there are four signs you can afford it.
- Those signs include being on track with your retirement savings and saving for other important goals.
- Another sign that you can afford a second home is that you don’t need to rent out the home in order to afford it.
- You’ll also need to be able to afford the maintenance and any emergency expenses on both of your homes.
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Buying a second home is a major purchase. While it’s a nice idea to own a place for a weekend getaway or a month-long stay, knowing if you’re ready to buy can be complicated.
Financial planner Andrew Rosen has worked with a number of professionals, executives, and retirees over his nearly 20-year financial planning career. “A second home is something that comes with a lot of