So you are thinking about buying a home
Property demand is at an all time high and it may seem easy to buy a home but, is that really so? People who are experienced in buying and selling property know that it is not simple at all. There are many traps into which the unsuspecting and the uninformed buyer can easily fall.
Unless a person is careful he may become involved in a web of legal and financial complications that can leave him, not only without the house he wanted, but bereft of the money he gave for the down payment.
Before you venture out to find that home, calculate the costs, are you in a financial position to afford a home, what will your monthly payments be? Can you afford the monthly payments? How much money do you have for a down payment? Don't have enough for a down payment, where and from what source will the funds come from? Thats just a few questions you should ask yourself.
Many would-be buyers make the mistake in thinking that because a rental and a house may be the same in payments that they can afford to buy a home, after all the payments are the same, you may say . WRONG!! Add to the monthly house payments several other expenses, such as property taxes, insurance, heating and cooling expenses, water bills, maintenance and repairs. Now, tell me are the payments the same? Absolutely not!
So, again, calculate the cost, crunch the numbers (as they say) make sure you have a gooood fico score, talk to a mortgage banker/broker or a loan officer see what you can afford and go from there.
Choosing a home will be discussed next week