Decide to Buy
Purchasing a home is probably the biggest financial decision you will ever make. Whether this is your first purchase or you are moving on to a different home that better meets your needs, this decision must be made carefully.
Why Do You Want To Buy? Are you tired of paying rent? Have you outgrown your current home? Would you like a larger yard? Would you rather live in a different area? Do you want to shorten your commute? Do you want to take advantage of real estate as an investment vehicle? Having a clear sense of your reasons for buying will help you choose the right home.
Are You Ready Financially? Some experts recommend spending between 33-40% of your income on housing. Consider all the potential expenses relating to home ownership including the mortgage payment, property taxes, insurance, maintenance, and desired improvements. Weigh these expenses not only against your current situation, but also be sure to factor in the long-term financial benefits that home ownership can bring.
Home ownership can be a very good investment. As you pay down the principal part of your loan, you are building equity over time, in addition to any market appreciation on your property. The tax benefits of home ownership can provide a considerable advantage over other investments.
For more information on any of these issues, contact a local HomeSense® Realty Agent.