After becoming debt free last fall and saving up a six-month emergency fund I began to save up for my next big goal, a house. I’ve been doing homework and it seems that the more I learn the more I realize how little I know about the process. With all of the reading I’ve been doing I get the feeling I’m to the point where I really need to start working with some professionals.
As much as I know I’m going to need the help of people familiar with financing and the home buying process I don’t want to bother someone until I have enough money to actually make the purchase, otherwise I’ll just be wasting their time. Today I asked on Twitter how much people have saved before looking to buy a house. I got answers all over the map, from nothing down to the recommended 20%+ down. Most people who responded were in the 3% – 5% range, though that doesn’t seem like enough to me. So I guess what I’m getting at is, how much is enough?
If you’ve purchased a house in the past few years, how much did you save up for a down payment and closing costs before you started seriously looking? How do you feel about your decision? Is there anything you would do differently?
As I continue my home buying experience I’ll be posting with questions and lessons learned. Thanks for any and all constructive comments.