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How Much Savings Should I Have After Buying a House?

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A common misconception that an unfortunately large group of people tend to have is that buying a home is something that you should spend every single penny that you have saved up on. In spite of the fact that this is the case, it is important to note that if you were to buy a home and find yourself destitute after the fact, suffice it to say that you are now house poor which might be even worse than being poor in a traditional sense of the term for the most part.

At the end of the day, buying a home through real estate agents in Emerald Isle, NC is great but you should still have some savings left over once the purchase has been fulfilled. One suggestion that we would like to give you is that you should have half your annual salary saved in an account for emergencies and the like. This money would enable you to move through life with confidence since you would know that if anything should arise you would be able to pay for it without having to concern yourself all that much at all.

Hence, what this essentially entails is that you should have 20% of your prospective home’s value saved up as a down payment as well as your monthly salary times six. That would make it so that you are still financially secure after you have bought your home and you can even use some of that money to buy amazing furniture for yourself that would help you to feel comfortable within your new residence and allow you and your family to settle in more thoroughly.