FIRST TIME HOME BUYERS HELP - QUESTIONS TO ASK BEFORE BUYING A HOME FIRST TIME HOME BUYERS
DESCRIPTION There are so many aspects to consider when buying your first home. •
Do you buy, or rent a house?
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Is this even right time for buying a house?
If you want to avoid this situation and are looking for first time home buyers help, here is a list of questions to ask your before starting the process.
FIRST TIME HOME BUYERS HELP – QUESTIONS TO ASK YOURSELF BEFORE BUYING A HOME Have You Saved A Down Payment? •
The standard down payment is 20% of the house price.
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If you are buying a home worth $200,000.00, you will be required to put down at least $40,000.00.
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if you are financially weak, there are many other mortgage programs • FHA, VA, USDA are few to name
To qualify for these loans, the borrowers may have to pay PMI (Private Mortgage Insurance).
HOW MANY YEARS DO YOU PLAN TO LIVE IN THE SAME HOUSE? •
When you are buying a home for first time, ask yourself how many years you are going to spend in the house.
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Knowing the time period is important.
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If you plan to move out in a year or two, you might walk away with less then what was actually spent
HOW MUCH WOULD IT COST TO LIVE THERE? There are many other costs that come with owning a house, such as: •
What are the property taxes?
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What are the insurance rates?
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Utility costs
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Homeowners Association dues, etc.
CAN YOU AFFORD THE UPKEEP? Another cost that comes with buying your first home is the upkeep. Costs may include: •
Buying a ladder
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Lawnmower
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Snow removal tools
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Furnishing for the home (curtains, wall décor, furniture, etc.)
DO YOU HAVE AN EMERGENCY FUND? Those seeking first time home buyers help must also remember that if they buy a home, they also need an •
Emergency fund.
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Having this fund helps you, like a furnace or water heater.
THE BOTTOM LINE: LASTLY - BUY A HOME WHEN YOU ARE READY These are some of the tips for those in need of first time home buyers help. •
Putting it all in a nutshell, homeownership comes with unexpected costs.
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If you are buying a home for investment purpose, Look for a good neighborhood Spend some years in it until the value appreciates.
FOR MORE INFORMATION
Sellect Realty LLC Marietta, Georgia Source: www.sellectrealty.com