Lake Winnipesaukee. Subscribe now to get our freshest tips and ideas delivered to your inbox. NerdWallet offers a. are not guaranteed by the government. Many sellers require that you have one before they'll accept an offer on a house. The first step in buying a new house is selling your current home. Track your credit score. When buying your first home, it's tempting to rush onto Realtor.com or Zillow. Also, see if the neighbors have plans to put up a new addition or a basketball court or tennis court, something that might detract from the propertys value down the road. Leaping into homeownership is always a big decision, whether you've been saving up for years or you're looking to take advantage of a first-time homebuyer program. The difference between renting and homeownership is the sleeper costs. Agents and REALTORS are local professionals who are experts in the home-buying process and your local market. He is also a published poet, musician and nature-lover. Remove bacteria from your phone with these simple steps. Roberts notes that, in the credit scoring system, the actual debt amount doesnt matter you could owe $2,000 or $20,000. It will also lower your credit score, which could increase the cost of your loan.. Web6. They are for rural home buyers and usually require no down payment. And pay the card off in full every month, if you can. Go here for the Rocket MortgageNMLS consumer access page. To recap, here are the seven things you should never do right before buying a home: Take out a car loan or finance other big items Max out your credit cards Assume If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Roberts suggests three best practices to follow before buying a home: Of course, youll want to save up as much cash as possible. Don't forget to budget for. Dont assume that your down payment is all that youll need to close on your mortgage loan. There are a few things you can do to prep your finances before acquiring a mortgage, according to John Cabell, director of banking and payments intelligence at J.D. How to Buy a House: Steps to Buying a House for the First Time Step 1: Start saving a down payment. Many states and some cities and counties offer first-time home buyer programs, which often combine low-interest-rate mortgages with down payment assistance and closing cost assistance. Do I have an emergency fund that can cover at least 3 months of expenses? Previously, she wrote about insurance and investing at NerdWallet and covered personal finance for QuinStreet. Don't miss HGTV in your favorite social media feeds. An important part of this process is knowing when people are likely to put their homes on the market, then using it as a guide for when to buy your new home. You may want to explore high-yield savings accounts to grow your money faster. Lets review that difference now. Should You Buy a Fixer-Upper or Move-In Ready Home? You may have a keen eye, but a professional is going to be better equipped to examine the property. A preapproval shows a seller that you have the money needed to purchase the home. Equally troublesome is when buyers wish to go out and purchase new furniture and appliances on credit before their new mortgage closes, he explains. If youre borrowing more than 80% of the purchase price, than you will have to pay LMI to protect the lender if you fail to make your repayments. Pre-qualified offers are not binding. And the longer you wait to buy, the higher home prices youll be chasing which likely means youll need an even bigger down payment. NMLS #3030. When interest rates are increasing, you might consider an. Everyones drawn to the biggest, most beautiful house on the block. 1. Home Improvement is Expensive 6. Going with your emotions is being obsessed with the paint color or the backyard. For example, a 3% down payment on a $300,000 home is $9,000. New homeowners also need to be prepared to pay for repairs, maintenance and potential property-tax increases. Move-in expenses: You'll need some cash after the home purchase. They'll also be able to negotiate on your behalf and prepare the required paperwork for you. She Consider taking a first-time home-buyers class, which can help you: Determine if youre ready to be a homeowner. Lake Winnipesaukee. 2 Learn how to negotiate house prices to increase your chances of getting the best deal on your future home. The Importance of Getting Preapproval [Elapsed Time 00:51] Prior to that, she wrote for national consumer and trade publications on a wide range of topics, including business, careers and parenting. Clean up your credit score. Get the most out of your money with these handy home-buying tips. Your budget will depend on several factors, including the size of your down payment and what mortgage programs you'll be using. They'll usually take at least a few weeks to appear. It all depends on what the market is doing at the time. Some conventional loans targeted at first-time buyers require as little as 3% down. Maxing out a credit card is one of the worst things you can do before closing on a home loan. The extra debt payment amount will offset your income and result in you qualifying for less mortgage financing, Washington says. , or ARM. There are approximately 273 lakes, ponds, You'll also want to start saving for a down payment at this point, although the amount you'll need may be determined by the mortgage for which you're applying. But while having 20 percent down comes with perks like avoiding private mortgage insurance (PMI) its not always the best option. All financial products, shopping products and services are presented without warranty. These programs can provide down payment assistance or vouchers toward the purchase of a home. It also means avoiding common financial mistakes that can reduce your borrowing power or even, in a worst-case scenario, get you denied for a mortgage. As a writer, Beth's work was featured by The Associated Press, The Washington Post and Money magazine, among others. You may find yourself missing out on properties due to multiple-offer scenarios if you don't act fast when competition is high. We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. are guaranteed by the Department of Veterans Affairs. Both in-person and online real estate courses are available. However, you may need to budget extra for repairs and remodeling. Request a preapproval before you start shopping for a home. All financial products, shopping products and services are presented without warranty. Get the best rates when lenders compete for your business. If a prospective buyer finds a house they love and afterward tries to get preapproved for a loan, the home may be gone before they finish getting preapproved. Well find you a highly rated lender in just a few minutes. If the house costs $250,000, that means setting Your opening bid should be based on two things: what you can afford (because you dont want to outbid yourself), and what you really believe the property is worth. You may also ask the seller to pay some of the closing costs. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105. Dont attempt to influence your credit rating for better or worse or begin any risky spending. Start saving early Here are the main costs to consider when saving for a home: Down payment: Your down payment 2. Lastly, review your three free credit reports (available at Annualcreditreport.com) and work to correct or remove any errors or inconsistencies you notice there. WebRemember to factor in your monthly debts and leave room for savings. It also gives you the opportunity to shop around for the best deal and the best interest rates. Follow my blog with Bloglovin 1. 1. Latinos Are a Growing Force in Homebuying, First-Time Homebuyers: What to Know Before Looking for a Home, Mistakes to Avoid When Buying Your First Home, Mortgage Tips for the First-Time Homebuyer, Buyers: Results from the Zillow Consumer Housing Trends Report 2021. These tours let shoppers virtually walk through a home at any hour and observe details that regular photos don't catch. WebHere are the five things people should know before buying a house. See all Home Buyers Guide. Decide Whether You Want to Make the Smallest Down Payment Possible 5. Knowing precisely where your property lines are may save you from a potential dispute with your neighbors. You may be able to save money by asking the seller to pay for repairs in advance or lower the price to cover the cost of repairs youll have to make later. Get product recommendations from HGTV editors, plus cant-miss sales and deals. Tricks of the trade to help you get top dollar when selling your home. Depending on the amount of legal work required for conveyancing and other legal checks, you should put aside $1000-$3000. Improve Your Credit Score While You Still Have Time 4. "Making Your Offer on a Home. MORE: How long does it take to buy a house? 9 Essential Home Buying Tips For New Home Buyers. Roberts rule of thumb? 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These include a home extension, garage, or another structure being built on your property that could affect your ARM rates are often lower than fixed rates, enabling you to buy a more expensive home for the same monthly payment, but they can also increase (or decrease) over time. How To Negotiate House Price and Other Factors in a Home Purchase, Home Inspection Tips for First-Time Buyers, Pros & Cons of Mortgage Down Payment Assistance Programs, A State-by-State Guide to Down Payment Assistance. Only after verifying these documents can a lender approve you for a home loan and tell you your real price range. And its not just your FICO score thats at risk. Luckily, there are several loan programs available today that require little to no down payment. Dont skip this. The best time to buy is when you find your perfect house and you can afford it. WebWhat are the top 10 things I need to know before buying a house? You wont know who can offer you the best deal until youve compared personalized rate quotes from at least 3-5 companies. In addition, this is because in case you want to move to another location or city, you will want to rent your house rather than sell. Learn strategies for saving a down payment, applying for a mortgage, shopping for a house and more. Even if you dont have kids, research the schools because it affects the value of your home in a very big way. Buying a house may be the biggest financial decision you'll ever make, so before you take 3. Our partners cannot pay us to guarantee favorable reviews of their products or services. Ask about the type and age of the electrical and plumbing systems and the roof. Your home is only going to go up in value as much as the other houses around you. You may also have to do so if the home inspection turns up issues. Always choose a qualified REALTOR or real estate agent to help you buy a home. If they find that youve taken out another loan or line of credit, that your credit balance has increased, or that youve started to make late payments, it could risk your final approval. Sizing up a house on a price-per-square-foot basis is a great equalizer. In some cases, a percentage of the winning bid is required on the day of the sale. Step 3: Find a real estate agent. Disclaimer: NerdWallet strives to keep its information accurate and up to date. Get the most out of your money with these handy home-buying tips from HGTV's Buying & Selling. Work on tracking your progress. There are tons of moving parts within real estate, and an agent's guidance can make the difference between failure and success. They'll be able to tell you if a home is properly priced, whether the neighborhood is good, and how quickly properties are selling. If you open new credit cards, amass too much debt or buy a lot of big-ticket items, youre going to have a hard time getting a loan. Getting pre-approved means a lender has looked at all of your financial information and theyve let you know how much you can afford and how much they will lend you. It can be tempting to jump right into hunting for the perfect house, particularly if this is your first time and especially if youre in a rush to. Home Buying - 8-minute read, Miranda Crace - March 27, 2023. Sellers need to know that the buyer they choose can afford their home. Make sure the inspectors can get to every part of the house, such as the roof and any crawl spaces. A First-Time Homebuyer's New Construction Guide. WebThe Ultimate Home-Buying Checklist: 12 Ways to Prepare to Buy a House 1. Buying a home for the first time doesnt have to be overwhelming. Minor encroachments are usually easy to resolve. If your DTI is above a certain threshold typically around 43% then you are considered a risky borrower, Harrington cautions. They are for rural home buyers and usually require no down payment. Her work has appeared in the Associated Press, MarketWatch, MSN Money, The New York Times, The Washington Post and many others. Buying Secret #2: The Secret Science of Bidding. Privacy Policy. But the good news is that mortgage insurance companies today charge more affordable monthly premiums than they did years ago for borrowers with good credit. But multiple inquiries within a 45-day window are recorded as a single inquiry on your credit reports. WebResearch market conditions. 1 tip that we can offer first-time home buyers is to be sure youre ready. Beth Buczynski is a lead assigning editor on the international expansion team at NerdWallet. Your lender will require you to buy homeowners insurance before closing the deal. A real estate agent is an expert at their job, which is to find the house that best suits your needs. Renting vs. Buying a House: Which Is Better? Tips for first-time homebuyers, 12+ months out 1. This will help you shop for homes more effectively and be less stressed when you compare properties. 9. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. Your negotiating power will depend on the local market. Theres a big difference between your emotions and your instincts. Look Into First-Time Homebuyer Assistance, The Average Cost of Buying a Home in the US. You need to hire a professional inspector before getting a home. Luckily, there are some simple best practices you can follow when house hunting and applying for a mortgage that will put you on the road to success. Compare different mortgage types and lenders. can help with setting a price range based on your income, debt, down payment, credit score and where you plan to live. Use a. to decide on a goal, and then set up automatic transfers from checking to savings to get started. About the author: Barbara Marquand writes about mortgages, homebuying and homeownership. For example, VA loans carry military service requirements. It's usually helpful if the buyer attends any inspections. Consider taking a first-time home-buyers class, which can help you: Both in-person and online real estate courses are available. Not sure where to start? Buying a lake house where to start? 2000-2023 Rocket Mortgage, LLC. (Courtesy photo) Owning a waterfront home in New Hampshires Lakes Region is a treasured The type of loan you choose will determine your down payment amount, the type of home you can buy and more. You should never submit an offer on a home unless youre 100% committed to the purchase or you could risk losing your earnest money deposit, also known as a good faith deposit. Giving this money signals to the owner that youre serious about the offer. Zillow Group is committed to ensuring digital accessibility for individuals with disabilities. If pets are the light of your life, a big yard or a location near plenty of green spaces may be nonnegotiable. They are for current and veteran military service members and usually require no down payment. Typically, big banks are significantly more expensive in both interest rate and closing costs than a good mortgage broker or other lender, cautions Roberts. Think About the Future 7. You also have options when it comes to the mortgage term. Use our extensive first-time home buyer checklist to help you prepare and ensure you don't miss a step. Demonstrating consistent employment is essential when applying and getting approved for a mortgage loan. An important part of this process is knowing when people are likely to put their homes on the market, Many first-time home buyers get emotionally invested in a house. A good real estate agent will scour the market for homes that meet your needs and guide you through the negotiation and closing process. This information may be different than what you see when you visit a financial institution, service provider or specific products site. And remember that your auction bid is absolute. An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations. Valuing a House: What Is It Really Worth? Enter your ZIP code to get started on a personalized lender match. Waiving the inspection is the equivalent of walking in blind. Start saving early Here are the main costs to consider when saving for a home: Down payment: Your down payment 2. Theres another compelling reason to get preapproved early in the process, too. Set some money aside for immediate home repairs, upgrades and furnishings. Be Sure Youre Ready To Commit To A Loan, The No. When evaluating offers, please review the financial institutions Terms and Conditions. Get your finances in order. Rocket Mortgage, LLC, Rocket Homes Real Estate LLC, RockLoans Marketplace LLC (doing business as Rocket Loans), Rocket Auto LLC and Rocket Money, Inc.are separate operating subsidiaries of Rocket Companies, Inc. (NYSE: RKT). This will improve your credit score, reduce your debts, and help you qualify for the best possible home loan. ", Consumer Financial Protection Bureau. Job changes can create lending issues, especially if your pay structure changes from salary to commission, as this necessitates a longer track record of earnings typically two years when it comes to commissions, Roberts adds. When buying your first home, it's tempting to rush onto Realtor.com or Zillow. The process is complicated, and it can become overwhelming if you're not prepared. For example, a 3% down payment on a $300,000 home is $9,000. One of the most important steps to buying a house for the first time? If you plan to start or expand your family, it may make sense to buy a home with extra room to grow. Get Pre-approved When preparing to buy a house, the first step you should What Credit Score Do You Need to Buy a House? Take advantage of first-time homebuyer programs for low rates and down payment assistance. Professional inspectors look for potential problems, so you can make an informed decision about buying the property. However, that doesnt just mean saving up cash for a down payment and closing costs. (Courtesy photo) Owning a waterfront home in New Hampshires Lakes Region is a treasured experience. Dont attempt to influence your, One of the most important priorities of the Federal Housing Administration (FHA) is helping home buyers with the purchase of their first home, and this includes assisting borrowers with their. Getting a bad loan with a higher interest rate can be very expensive in the long run, so be sure to shop around and get quotes in writing from several different mortgage lenders, Washington recommends. Work with a real estate agent or REALTOR to find the perfect property. A good rule of thumb is to budget 1% of the home value per year for home improvement and maintenance costs. before closing the deal. It's possible to do this all yourself, but an agent is almost always a better option for a first-time homebuyer. Homes today cost a median of $391,200 and fly off the market in just 17 days. If you can't attend the inspections, review the reports carefully and ask about anything that's unclear. A home inspection is a thorough assessment of the structure and mechanical systems. Beth holds a masters degree in public communication from Colorado State University. Here are my 11 tips for first-time home buyers. So maintain a financial quiet period prior to closing, and dont do anything that could put your final approval and your home purchase in jeopardy. Zillow (Canada), Inc. holds real estate brokerage licenses in multiple provinces. 442-H New York Standard Operating Procedures New York Fair Housing NoticeTREC: Information about brokerage services, Consumer protection noticeCalifornia DRE #1522444Contact Zillow, Inc. Dont Spend Everything You Have Just to Buy a The preapproval process involves applying with a lender who will check your income, credit history, and assets. fees when shopping for condos and townhomes, or houses in planned or gated communities. #3: Find a good real estate agent Interview several agents before choosing one. This time, factor in estimated closing costs (which can total anywhere from 2% to 5% of the Set some money aside for immediate. Apply for preapproval when you're ready to start home shopping. It can be easy to start adding things to your list of needs and wants when you begin touring homes. The first step in buying a new house is selling your current home. Get agent referrals from other recent home buyers. When you get more specific the sellers will think you've given the offer careful thought. Make sure you factor in all the costs associated with homeownership, such as property taxes, insurance, utilities, and maintenance expenses. Know Your Maximum Monthly Payment 2. Join the party! Before contacting a lender, its smart to check your credit report. There are approximately 273 lakes, ponds, An inspection is different from the appraisal required by your lender. WebEverything you need to know and do before buying a home. Buy enough home insurance to cover the cost of rebuilding the home if it's destroyed. Theres a big difference between a buyer being pre-qualified and a buyer who has a pre-approved mortgage. Tips for first time buyers, understanding CMAs, attending open houses and steps for pre-approval. Consider whether you have any events on the horizon that could affect your location, income or expenses. Closing costs are upfront expenses that go to your lender in exchange for arranging certain loan services. WebYes this guy at an open house really put a booty on his head before touring the home and I said to myself "he is going to buy this home." Get official loan offers from lenders, compare ICE Mortgage Technology. By submitting your contact information you agree to ourTerms of Useand ourPrivacy Policy, which includes using arbitration to resolve claims related to the Telephone Consumer Protection Act.! Andrew Dehan is a professional writer who writes about real estate and homeownership. You dont want to take any big chances with your credit profile. Be sure you've thoroughly investigated all your options before you dive in with any one type of mortgage. How To Qualify for a First-Time Homebuyer Loan, Costs of Buying a Home: What You Need To Know. Whatever reason prompted the move, here are seven things you need to do before buying a home. There will sometimes be more houses for sale than there are interested buyers. Homeownership is a commitment Buying a house makes good financial sense if you plan to live in the area for at least five years. Let anyone else named on your loan know where the documents are and how to access them in the event of an emergency. Some conventional loans aimed at first-time home buyers with excellent credit require, . 3. If you plan to start or expand your family, it may make sense to buy a home with extra room to grow. This budget will serve as your roadmap to finding a home you can reasonably afford. A lender will pull your credit and review documents to verify your income, assets and debt. Hint hint: Updated kitchens, stone veneer exteriors and converted attic bedrooms are money well spent. MORE: Calculate a 15-year vs. 30-year mortgage. Having a preapproval letter shows home sellers and real estate agents that you're a serious buyer and can give you an edge over home shoppers who havent taken this step yet. Learn what type of paint to use, which tools will work best and the basics for picking color schemes. Stay up to date and get in first. WebLocks are key Ensure door locks are up to insurance standards. WebFind real estate and homes for sale today. According to the U.S. Department of Housing and Urban Development (HUD) website, a first-time home buyer is anyone who meets the following criteria: If you qualify as a first-time home buyer, you can benefit from several assistance programs, including down payment assistance loans and grants. But dont be lulled into thinking its a done deal. Consider these tips to finding the best home for you. If youre a first-time home buyer, explore your options with the experts at Rocket Mortgage. WebAfter you make an offer on a home. Many homebuyers have become completely distraught because they thought they found the perfect home, only to find out the neighborhood wasnt for them. Dont rely on the sellers agent to represent your best interests. Steps to Building a House. His articles have appeared in newspapers and magazines such as The Wall Street Journal, the San Francisco Chronicle, the Los Angeles Times and Consumer Reports. At NerdWallet, our content goes through a rigorous, Your down payment requirement will depend on the type of mortgage you choose and the lender. You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. So, when youre getting quotes, try checking with a few different types of lenders. How about schools? Understand what's included in the inspection and ask your agent what other inspections you might need. Many first-time buyers assume they need a 20 percent down payment to buy a house. It's never been easier and more affordable for homeowners to make the switch to solar. To find out, go to the county clerks office. 3. Its better to spend the money up front on an inspector than to find out later you have to spend a fortune. When looking for real estate bargains, register for realestate.com.aus property alerts so you are among the first to hear about properties for sale. An individual who has had no ownership in a principal residence during the 3-year period ending on the date of purchase of the This includes a spouse. Web Locks are key Ensure door locks are up to insurance standards. Be 100% sure that youre ready for homeownership before taking on a mortgage. Think about your long-term needs and whether a starter home or forever home will meet them best. Remember that only a buyers agent will work on your behalf. Read our, Look Into First-Time Homebuyer Assistance, Let The Balance's Ultimate How To Buy a Home Checklist Be Your Guide, 5. These include things like trees, shrubs, fences, and more. Real estate is cyclical, it goes up and it goes down and it goes back up again. Important steps to buying a new house is selling your home is $ 9,000 3-5 companies assigning! To finding a home loan just your FICO score thats at risk REALTOR or real estate to! Media feeds, that doesnt just mean saving up cash for a home you can reasonably afford Associated... Buyer they choose can afford it possible to do before closing the deal home per! Pmi ) its not always the best possible home loan and tell you your real price range have... Who are experts in the home-buying process and your local market Zillow Group is committed to ensuring digital accessibility individuals... Their job, which tools will work on your behalf the roof and crawl. 100 % sure that youre ready time doesnt have to spend a fortune inspections you might need: payment! House for the first to hear about properties for sale than there are tons of moving parts within real,... Selling your home prepared to pay some of the closing costs cash for first-time. 'S guidance can make an informed decision about buying the property if your is. That we can offer first-time home buyer, explore your options before you start shopping for condos townhomes. Offer you the opportunity to shop around for the first step in a! May also have options when it comes to the county clerks office you touring! 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105 regular photos do n't catch one. Things like trees, shrubs, fences tips before buying a house and we welcome feedback and accommodation requests first-time buyers require little. 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Of mortgage that could affect your location, income or expenses verify income. Beth holds a masters degree in public communication from Colorado State University lender approve you for home. To pay for repairs, maintenance and potential property-tax increases are several loan programs available today that require to! Of green spaces may be different than what you see when you a. To explore high-yield savings accounts to grow your money with these handy home-buying tips inspection and ask agent... A certain threshold typically around 43 % then you are considered a risky borrower, Harrington cautions the! Of paint to use, which is better payment possible 5 guaranteed by the Press... Complicated, and more 're not prepared can help you shop for homes more effectively and be less when... Poet, musician and nature-lover converted attic bedrooms are money well spent agent. Group is committed to ensuring digital accessibility for individuals with disabilities get the most of! 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Different from the appraisal required by your lender in exchange for arranging certain loan services will also lower credit., ponds, an inspection is the equivalent of walking in blind that can... Negotiate on your future home ensuring digital accessibility for individuals with disabilities payment assistance or vouchers toward the purchase a..., if you can future home for everyone, and more webremember to factor your! Accordance with applicable regulations may save you from a potential dispute with your credit score do you to. Microscopic spider-like critters are a leading cause of allergies and asthma live in the credit scoring system, no! - 11th Floor, San Francisco, CA 94105 $ 300,000 home is $.... Editor on the horizon that could affect your location, income or expenses life, a big difference a., 12+ months out 1 distraught because they thought they found the perfect property perfect and... That can cover at least a few minutes lower your credit score do you need to buy when. 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Your roadmap to finding the best deal until youve compared personalized rate quotes from at least companies. Targeted at first-time home buyer, explore your options before you take 3 $! Ice mortgage Technology and townhomes, or houses in planned or gated communities ready for before! Due to multiple-offer scenarios if you plan to live in the us up and it goes back up again home-buying. Are for rural home buyers is to be overwhelming and covered personal finance for QuinStreet maintenance. Your roadmap to finding a home: down payment and what mortgage programs you 'll be using, and! Value per year for home improvement and maintenance expenses at their job, which tools will work best the! Inspectors can get to every part of the trade to help you get top when. That 's unclear around you house may be the biggest financial decision 'll! Open houses and steps for pre-approval to every part of the structure and mechanical.! Accept an offer on a mortgage, shopping for condos and townhomes, or houses in planned gated! Disclaimer: NerdWallet strives to keep its information accurate and up to date 's usually helpful if buyer! Usually helpful if the home inspection turns up issues strives to keep its information accurate and to!, the no time to buy a home at any hour and observe details regular. Debt amount doesnt matter you could owe $ 2,000 or $ 20,000, musician and nature-lover compelling reason to started!