Is Home Buying Right for You?
Do you enjoy moving often or do you prefer to be settled?
Would you rather live in your own home or waste money on rent paying someone elses’ mortgage?
Down Payment: Generally ranges from 5% to 20% of the purchase price but can be more.
Mortgage payment: A regularly scheduled payment that is often blended to include both principal and interest – can include taxes
Property taxes: Taxes charged by the municipality where the home is located based on the value of the home – can be paid monthly with your mortgage.
If these answers left you wanting a home, remember that buying a home is one of the biggest emotional and financial decisions you’ll ever make, so prepare yourself to make a knowledgeable decision.
Ensure you have a knowledgeable agent looking after your best interests (namely me).
-
Some of the main advantages of owning a home:
- Financial Security: If housing prices rise, your home can provide you with some financial security due to capital appreciation.
- Flexibility: You can decorate or renovate your home to meet your own family’s personal tastes and needs
- Stability: Having a place of your own
Although it is nice to think about the positive aspects of owning a home, it is important to consider the downsides as well.
-
Some of the main disadvantages of owning a home:
- Financial Stress: Coming up with the down payment... meeting regular mortgage payments and other ongoing costs will tie up a lot of your cash, and can put considerable stress on your finances.
- Maintenance: Keeping your home in good condition requires time and money.
- Higher costs: You may pay more each month for housing than you did as a renter. There are also costs of maintenance and property taxes.
- More responsibility: You alone are responsible for payments, repairs and maintenance. Ensure you plan ahead. I can introduce you to mortgage brokers and you can plan your future NOW!!
