First Time Home Buyer Trends in Danbury CT - Plan for the Unexpected

First Time Home Buyer Trends in Danbury CT - Plan for the Unexpected

First time home buyers in Danbury CT have a lot more going for them now that at any time during the last ten years: low interest rates, a buyers market with 12+ months of inventory, lots of homes to chose from. But before you write this blog post off as just another cheerleader pitch for "it's a great time to buy," it's important to think about planning for the unexpected when comitting to a long term investment like a home purchase.

Here are few recent examples of this that really drive home this point:

1. A tree fell on this recent home buyer's house (need I say more?)

2. A recent home buyer was the victim of a horrible hit and run car accident in broad daylight disabling him from working for at least three months.

3. Despite dilligent efforts to do their homework and inspect the property, a recent home buyer couple who purchased a foreclosure home uncovered some unexpected electrical problems that will cost more than budgeted.

The point here is simple: life happens! In addition to making sure you can comfortably afford the monthly payment, finding a home that fits your needs, and figuring out the best commuting routes from Danbury to work, take the time to make sure you are ready for a long term investment and plan for the unexpected. Make sure you have enough reserves or an emergency fund for 3-6 months of living expenses. Make sure you have budgeted for home maintenance and your insurance coverage is sufficient. Here is a recent question I answered on Trulia about this same topic for a first time home buyer who is considering purchasing a home for the first time with a low down payment. Be honest with yourself and don't stretch too much...because life happens, so be prepared for the unexpected!!