Now that I’m on my 3rd year of homeownership, there are some lessons I learned that I wish I knew before I bought.
1. Do not buy until you have enough of a down to bring your monthly payments below the average rent in your area. The larger the difference between average rent and monthly costs the better, because a $100 net won’t really be a net. Remember, you will owe taxes on your rental income and have to pay for upkeep. I would say that you should at least try to create a buffer of 15% net.
2. Even if you plan to stay in your new home for a long time, buy as if you were going to sell in a few years. You never know.
Whatever you decide, be patient and wait for the right place and price. Save up and cover all your bases, and investing in a piece of property to call your home can be a really awesome experience.