Buying a home can be one of the best or worst things youâ€™ll do financially. Plan ahead to make it your very best decision!
In addition to the mortgage, home ownership comes with many related costs, such as the down payment, closing costs, upkeep and maintenance. You also need to think about what youâ€™ll need when you move in. Going from an apartment to a home may mean youâ€™ll have to buy a lawnmower, tools, furniture, window coverings and other items that you never needed in an apartment.
One mistake we have seen people make is buying too much house. Do you really need the five bedroom house and all the related costs that come with it?
The other mistake is not getting a home inspection done by a licensed professional.Â Any home (even a new one) has a potential for problems. An inspection is one way to mitigate huge issues that canâ€™t be seen with the naked eye.
Take your time and make a wise, practical financial decision and home ownership will provide many blessings.
The Compass Catholic blog has more on buying your first home.