There’s nothing like the emotional experience that is buying your first home. It’s filled with excitement, nerves, anxiety, indecision, and anticipation. And when you consider the financial ramifications, it’s enough to make your head spin.
Keep These 4 Tips in Mind
Your first home is both an investment and a learning experience. It’s where you cut your teeth, so to speak, as an adult. And while every individual has their own financial ideology, here are a few tips with nearly universal application.
- Pay Down Bad Debt First
We’re not saying you have to be 100 percent debt-free before you can buy a house, but you should pay down any bad debt you have first. For the purposes of this conversation, bad debt would be things like credit card debt, tax debt, or medical bills.
It’s also a good idea to pay off/pay down as much of your car debt and student loan debt as possible. By ridding yourself of all debt – not just some – you free up thousands of dollars in your monthly cash flow. This can be used to pay down your mortgage and cover other expenses that come with home ownership. (It also makes you a more attractive borrower and could earn you a lower interest rate.)
- Make Sure You Have an Emergency Fund
Owning a home is much more expensive than most people think. When the average first-time buyer first starts to think about ownership, they only take the monthly payment into account. But what they may not realize is that there are additional expenses. This may include taxes, insurance, HOA fees, maintenance, utilities, and other ongoing costs. If you aren’t careful, you can stretch yourself too thin.
One of the best things you can do – from a financial perspective – is to make sure you have an emergency fund in place before buying a house. (This is in addition to the cash you’ve saved up for the down payment.) When you’re debt-free and have an emergency fund equal to three to six months of expenses, you’re able to account for emergency expenses, repairs, and other issues that could emerge should you temporarily lose your job or experience a loss of income.
- Be Strategic With the Loan Type
There are numerous loan types to choose from. And while your mortgage broker or lender might suggest a certain product, it’s ultimately up to you to research the pros, cons, and features of each. This includes variable rate, fixed-rate, short-term, and long-term.
“If you want more freedom and are comfortable with the greater economy dictating your interest repayments, a variable mortgage may be the way to go,” Loans.com.au mentions. “Alternatively, if you need the ability to set a budget and make mortgage repayments of a consistent amount, a fixed home loan may be the superior choice.”
As for repayment terms, most loans fall in the 10- to 30-year range (with 15-year and 30-year terms most popular). You’ll have to decide how aggressive you want to be with paying back the mortgage balance.
- Make a 20 Percent Down Payment
If you have a good credit score and solid financials, a bank might offer you a loan product that requires less than five percent down. (Zero and 3.5 percent down loans are fairly common.) But think twice before taking the bank up on this offer.
When you make a small down payment, lenders are required by law to pull out something known as private mortgage insurance, or PMI. And guess who pays for the PMI policy? That’s right; it gets rolled into your monthly payment.
6 Reasons to Try Cannabis Edibles
Are you looking for a reason to try cannabis edibles? If you’re wondering if there are benefits to edibles that you can’t get with other forms of cannabis, the answer is yes. Here are some of the best reasons to try cannabis edibles.
- Some edibles are boosted
When you smoke cannabis flower, you’re only getting cannabis. That’s not a bad thing, but there are brands that sell edibles that have been boosted with other ingredients. For instance, you’ve probably seen capsules with added herbs to help you sleep – the same is true for edibles.
One of the newer enhanced cannabis edibles are the Bits adaptogen-boosted edibles. These new cannabis edibles contain just 5mg of THC per Bit so you don’t overdo anything. Each flavor is packed with a unique blend of adaptogens like ashwagandha, reishi, elderflower, lemon balm, ginseng, guarana, and rose hip.
Why adaptogens? Adaptogens have been proven to have a positive impact on the central nervous system by decreasing sensitivity to stressors. In other words, adaptogens reduce stress and anxiety and contribute to an overall sense of wellbeing. When you consume cannabis edibles boosted by adaptogens, you’re going to feel more relaxed.
- Edibles provide precise and consistent dosing
One of the best reasons to try edibles is for precise and consistent dosing. When edibles are made, the cannabis is thoroughly and evenly mixed in, so each serving has the intended dosage when the final product is made. In addition, premium cannabis brands like Verano lab test each batch to ensure quality and consistency with all of their products, including cannabis edibles.
When you smoke flower, you won’t always get the same amount of THC. It’s nearly impossible to know how much THC or CBD you’re getting from smoking flower. Even when you smoke the same strain in the same amount, the THC and other cannabinoids are distributed unevenly throughout each bud.
If precise and consistent dosing is important to you, then edibles are going to be your favorite cannabis delivery method.
- Edibles are tasty
Edibles taste good, so why not try them? It’s just like eating a snack or a treat, but with a purpose. If you’ve avoided trying cannabis tinctures or oil because you don’t like the flavor, that’s understandable. Edibles are different because the taste of cannabis itself can be easily masked.
Brands go out of their way to come up with recipes that taste good because they know some people don’t like the strong flavor of cannabis. Edibles like brownies, cookies, and chocolate bars usually just taste like any other cookie, brownie, or chocolate bar. Premium cannabis brands will also use quality ingredients to produce the best cannabis-infused gummies, hard candies, and baked goods.
- Edibles are easy to carry
If you want to carry your cannabis around discreetly, that’s easiest with edibles. They usually come in smaller packages that you can fit into a pocket or bag, and edibles are easy to eat without anyone suspecting you’re consuming cannabis.
When carrying edibles, be smart about where you bring them. Make sure you know where you can and can’t have them. If you’re headed to the airport of a government building, for example, you’ll want to leave your edibles at home.
- The effects of edibles last for a long time
Smoking flower is great when you need relief quickly, but when you want the effects to last a long time, edibles are your best option. When you ingest cannabis, it takes longer for the effects to kick in, but those effects will last for a much longer time. You also don’t need to consume as much cannabis to get these long-lasting effects.
Everyone is different, and the timing depends on a multitude of factors like our metabolism and whether you’ve eaten or have an empty stomach. However, in general, it takes between 30 minutes and 4 hours to start feeling the effects of edibles. From there, the effects can last a few hours or even up to twelve hours. This is why many people take edibles before going to bed – getting that full impact while they sleep makes them wake up feeling incredibly rested.
- Edibles are a great alternative to smoking
Although smoking cannabis is probably the most popular consumption method, it’s not for everyone. Edibles won’t expose you to the potentially harmful effects of smoking. If you’ve been avoiding trying cannabis because you thought you had to smoke it, edibles are the perfect opportunity for you to try cannabis.
Already familiar with edibles? Try something new
If you’ve been consuming cannabis edibles for a while, maybe it’s time to try something new. If you’ve always been into baked goods, branch out and try some beverages, chocolate bars, or even an adaptogen-boosted cannabis gummy for example. There are plenty of edibles to choose from so you can be sure you’ll find something new that you can enjoy.
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