Inspired by money.cnn.com, I have several additional todos before purchasing a home. These all open your eyes to how expensive owning a home really is. If you are about to make a decision that will affect your financial situation for 30 years, isn't it smart to spend a few minutes looking at some numbers? How many people really do this?
These are my suggestions:
- Get out of debt and decide when you can be debt free, including the new mortgage
- Find out rental prices in the area
- Calculate closing costs for your loan as a percentage of purchase price
- Shop around for your home, loan, inspectors and title company
- Estimate property taxes, home insurance and other ownership expenses
- Write down and summarize the costs in various areas of the HUD-1 statement
With a few simple changes to how we do things, we can really make a difference out there. No more foreclosures! Lets take a little time and do things right! Together we can do it!
For more guidelines, read 3 Easy Guidelines to Purchasing Your First Home.
This post was reposted from http://finlit.biz/debt/6-things-to-do-before-purchasing-a-home/, originally written on January 23rd, 2013.
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