5 Items to Track When You Purchase Your Home

If you are investing in a real estate property, what are the items you should track?  By the way, since you never know whether you will move and convert your home into a rental property, you may want to pay attention to this as well.

Typically, when you buy and sell a home, you will pay about 2.5%-3.5% on the front end and 7.5%-8.5% on the back end.  This equates to about 11%.

In order to track your purchase and determine whether it was eventually worth the investment, here are a list of things you will need to keep track of:

• Loan fees and points to purchase the home
• Title fees to purchase the home
• Abstract and legal fees to purchase the home
• Inspection costs
• Buyer Commissions

These items are also helpful to track when you sell your home.  Keeping track of expenses and income are critical to become a good investor.  Most likely, you will lose money on your first real estate investment.  Those who become successful, learn and alter their strategies.  The numbers are the numbers are the numbers.

Good luck!

Related articles:

• www.letstalkpm.com
• raincityguide.com
• www.landlord-success.com

This post was reposted from http://finlit.biz/debt/5-items-to-track-when-you-purchase-your-home/, originally written on January 31st, 2013.