As 2021 approaches, it’s a good time to take a look at the incentives that will remain for First-Time Home Buyers into the new year. As home price increases begin to slow, and mortgage interest rates reach historic lows, for many people, it may be a great time to make that leap into purchasing their first home.

Making a home purchase of a property that looks like it will need a bit of work? Not all renovations are equal when it comes to return on investment, so it’s good to start with those that will get you the best bang for your buck.

One of the largest mistakes first time home buyers make is taking on more house than they can afford. As a general rule, home buyers should look at spending no more than 30% of their take home pay on housing. This 30% encompasses more than just the mortgage payment.