A Do-It-Yourself Guide to Buying a Home
Buying a home can be both an exciting a stressful time. Many people consider doing it themselves in an effort to save money. Whether you are a first
time home buyer, or looking for another home, there are many factors that need to be taken into consideration, especially if you are going to buy it
yourself without the help of a real estate agent. Are you ready for the responsibilities of homeownership?
Purchasing a home is a major life investment. Before you sign the contract, make sure you can meet the responsibilities that come with
homeownership. Make sure that you are financially ready for such a big purchase. Easy to use mortgage calculators that can be found online will allow
you to determine if you can afford a home. It will also determine how much you can afford. Mortgage payments include the amount borrowed, the
interest, and usually the property taxes. To check to see what you can afford, calculate your net worth, determine your monthly expenses, and your
current monthly debts. Make sure you allow enough for unexpected costs such as any repairs you may have to do.
Can you afford the Up-Front Costs?
There are many up-front costs associated with buying a home. It is important to know all of the costs involved so you can determine if you can afford it.
These costs include: mortgage loan insurance premium, appraisal fee, down payment, home inspection fee, land registration fees, prepaid property
taxes, utility bills such as getting the oil tank filled, homeowners insurance, survey costs, water tests, title insurance fee, and legal fees.
What are your housing needs?
You should know what type of home will suit your needs. You should consider the size of the home such as number of bedrooms and bathrooms,
extra features such as walk in closets, a large backyard, a garage...etc. Will the home accommodate a growing family such as more children? Or, is it
a retirement home?
Where do you want to live?
You have to decide where you want to put down your roots. Do you want to