Buying a Home Practical Considerations
Buying a home is an important decision that can make an enormous difference in your lifestyle. It is also the biggest financial transaction you may make. There are some specific things to consider about a home to buy.
* Be realistic: There are no perfect homes. Decide what is important to you, and make sure you find a home that has the features you require. Be prepared to compromise on some of the items on your wish list.
* Decide on a price: Get pre-approved for a loan, not just prequalified. Consider not only the amount of the loan the lender will allow, but also what you feel comfortable spending every month. Take an honest look at your budget.
* Choose carefully: Buying a home is much more permanent than renting. Purchase a home that you are prepared to keep for a while. Select a home that will be reasonable to maintain, in both utilities and/or repairs.
* Build up to your dream home: Most people nowadays buy more than one home in their lifetime. The average turnaround time is seven years. Buy a home you can afford today. Start to build equity, and then you can trade up or even build your dream home.
Posted by The Gold Standard
on December 27, 2011