As my husband and I try to start over after dealing with two layoffs, we are looking forward to buying a house again. Our previous savings went into sheer survival, and as of today we now have $25 in savings! Wahoo! Still, just having that and not the previous zero balance—and keeping our regular bank account bobbing above water rather than in the red—is encouraging.
I would love to know what first-time home buyers with tricky situations might recommend for people like us—people like many Americans. It seems like a great time to buy a house if you can afford one, for sure; but what do we look for? Where to start? How much should our savings goal be? Sure, it’s going to take us years to build that savings pot back up, but I have to have a light at the end of the tunnel to look toward, and I want to know what it’s going to look like.
Right now we are caretaking for a house, so I know we don’t want something old—no lead paint, no asbestos, no leaky basement preferred. I know sellers and realtors can be a bit sneaky about these things, so are there any buzzwords or questions to make sure we ask? The last time we did this we were incredibly young and naive, even giving money as “deposits” that we never got back. What do we need to look out for?
Any responses (or posts) about this would be greatly helpful!