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.
1.1 Why Do You Want To Buy?
Do you need to relocate because of your job? 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 need to downsize? Having a clear sense of your reasons for buying will help you choose the right home.
1.2 Has Your Income Grown? Have You Saved Enough $$?
Homeownership 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. Homeownership is not a get rich quick scheme, it is a long term investment that wins out over time.
1.3 Can You Afford To Buy?
Experts recommend spending between 33-40% or less of your income on housing. The tax benefits of home ownership can provide a considerable advantage over renting. Talk with a reputable mortgage consultant to determine your buying range, then review that range to determine what you can afford to buy. Your affordability range is the amount you can afford to actually pay each month, including taxes and expected monthly cost to run your home.
For more information on buying a home, contact us today.
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