A home may
be the most expensive purchase you will ever make. Before you make a
commitment, make sure you are ready. Avoid the pressure to buy a home you
cannot afford. Here are some things to consider:
Are you ready to be a homeowner? It is critical
that you consider whether you have saved
to make a down payment in addition to being able to pay your other debts.
have job stability and a steady income.
How long do you plan on living in your home?
Real estate is not always an investment that
value. No one can predict what will happen with your local housing market. If
plan to sell
your home in the next few years, realize that the property may not increase
in value or may actually lose value. You may ultimately owe more to pay off
mortgage than your home will be worth.
What is your estimated monthly payment for the
home? In addition to the monthly payment
principal and interest, you will have to pay for taxes and insurance and
association dues. If your down payment is less than 20 percent, your lender may
you pay the added expense for mortgage insurance.
What are the other costs of owning a home? Be
realistic about the costs of owning a home
and cooling and other utilities. You will generally need to budget for repairs
maintenance of your home, especially if you buy an older home.
What can you afford? Be confident that you can
make the monthly payments. Have a
plan and make a budget.
Do you have a steady source of reliable income to pay
should your interest rate or the cost of taxes and insurance increase in the
many long-term debts you have such as car or student loans, as well as credit
Blog submitted by: Ron Cooks of The Real Estate Market Place
– Servicing the Greater Fort Hood area which includes: Killeen, Harker Heights,
Temple, Belton, Copperas Cove and Nolanville. Feel free to call if you have any
questions regarding Central Texas Real Estate.
Author:Ron Cooks Phone: 254-702-0064 Dated: November 26th 2014 Views: 886 About Ron: I’m a retired Army Warrant Officer that served our nation for 25 years. I was born and reared in ...
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