Think you're ready to
take the plunge? Following these steps first will help ensure you're making the
right decision.
Are you a first-time home buyer eager to get into the market?
Here are steps to take to help you decide whether you're ready to take the
plunge.
1. Check the selling prices of comparable homes in your area.
You can also do a quick search of actual MLS listings in your area on a number
of Web sites, including www.aapnaghar.in
2. See what you can afford. Use Bankrate’s Mortgage calculater to see what your payment would be.
3. Find out what your total monthly housing cost would be,
including taxes and homeowners insurance.
What's your home worth?
4. Find out how much you'll likely pay in closing costs. The
upfront cost of settling on your home shouldn't be overlooked. Closing costs
include origination fees charged by the lender, title and settlement fees,
taxes and prepaid items such as homeowners insurance or homeowners association
fees.
5. Look at your budget and determine how a house fits into it.
Fannie Mae recommends that buyers spend no more than 28% of their income on
housing costs. Go much past 30% and you risk becoming house poor.
6. Talk to reputable real-estate agents in your area about the
real-estate climate. Do they believe prices will continue falling or do they
think your area has hit bottom or will rise soon?
7. Remember to look at the big picture. While buying a house is
a great way to build wealth, maintaining your investment can be labor-intensive
and expensive. When unexpected costs for new appliances, roof repairs and
plumbing problems crop up, there's no landlord to turn to, and these costs can
drain your bank account.
So consider whether you're ready for the expense and effort of
homeownership before pulling the trigger.
For. Buy/Sell Property visit www.aapnaghar.in
