Liking hanging wallpaper, the key to success in buying a home lies in careful, thorough, and sometimes tedious preparation.<br />Business Insider reports financial planner Riley Poppy of Ignite Financial Planning in Seattle, Washington, says there are five steps to take right now.<br />First, make sure you know why you want to buy, where you want to buy--and when you want to buy. All these will impact your options down the road.<br />Second, do you have an emergency fund? Single earners should save at least six months' worth of expenses. Dual-income households: three months' worth.<br />Third, do you have enough insurance? You'd better. Have life insurance and disability insurance in place.<br />Fourth, what can you can afford? The mortgage, insurance, tax, and interest combined should be less than 30% of your household's monthly take-home pay.<br />Once you have all that sorted out, take the fifth step: open a savings account so you can save for your downpayment. Happy house-hunting!
