For Any First-Time Home Buyer, Consider These Points Before You Take The Plunge
Thursday, July 2, 2009
Buying your first home can be a very exciting milestone in a person’s life. It is very easy to picture all of the good times you will have there in the future, but many people get lost in the excitement and forget to plan for a rainy day. To avoid losing that home to unforeseen circumstances down the line such as a job loss or an illness, keep these things in mind when considering purchasing your first home.
- Make sure that you have enough in savings to cover your mortgage while you find a new job, should you lose your job. Many experts recommend at the very least to have six months worth of savings to cover all expenses, including the mortgage.
- Understand before purchasing your home, all of the expenses that will be involved to maintain the home. If you are considering purchasing a fixer-upper, make a list of all of the inevitable things that will need to be replaced or repaired and their costs.
- Consider your other expenses, such as your car payment or transportation costs, taxes, etc. and whether or not this new home will be affordable for you.
