Are you ready to buy a home ?
While preparing to purchase a home , there are lots of important decisions to take into consideration : the upfront costs , your monthly budget , your spending habits as well as what kind of house may be right for you . But one of the most important questions to consider is why .
Setting a Goal
Your reasons for buying will help you to determine whether you are ready to do what is needed to become a home steward . The more valid reasons you can come up with to buy a home , the better your chances of having success . Without purpose as the compass to guide you , your goals and home-buying desires may not ultimately satisfy you . You don ’ t want to get to the top of the ladder only to find out you had it leaning up against the wrong wall . If someone were to ask you why you want to buy , what would you say ? Is your answer superficial , or substantial ? Will your home purchase help you to accomplish something you couldn ’ t do by renting a bigger place ? If you have goals for purchasing -- such as where you would like to live , or how much you would like to spend monthly -- write them down . Having a purpose to guide you will act as an anchor for your home purchase process , and help encourage you at times when the process is less than smooth .
All Things Considered
Some things to consider are :
• How long do you plan to live in the home ?
• Are you married or do you plan on getting married within the next few years ?
• Do you have children , or plan on having one ?
• How close or far is it from your job ?
• Do you have an aging parent you may need to care for nor or in the near future ?
• Are there schools nearby , and would they fit your family ’ s needs ?
• Will you or your spouse need to consider moving again to for health or age reasons in the near future ?
• Is the house you want in the type of community you would like to live in ?
Financially Speaking
Of course , no home-buying project can have a successful ending without a solid financial plan , and you ’ ll certainly need one of those if you expect to be a steward for years to come . But what should you plan for ? First , understand that there are three costs when buying a home : upfront costs , the down payment and closing costs . Before you sit down to talk with a loan officer , you will need to determine how much money you need to set aside for each of those costs , and you need a sober and honest picture of how you handle money . With what you know about your spending today , ask yourself this question : If you were a loan officer , would you lend you money ? You know how much you
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