Home Buying Considerations

StarBuzz Weekly, Toronto-Author: sonnix - For many people, owning a home brings a feeling of pride and freedom that is unequalled by renting. With a home of your own, you are free from the rules of property owners. Although home buying is your first step into building wealth, it is necessary to understand several factors before you buy one. With home buying, it is necessary to weigh your options well and make sure that you are doing it for the right reasons. 

 The first thing you have to take into consideration when you are planning to purchase a home is to determine how much home you can afford to buy. Your monthly income and your monthly bills are determining factors on the amount of the home that you can afford to buy. It is of vital importance to consider all aspects before you start hunting for a home. When you have determined and established the amount of home that you can afford, you can begin to look for the right home mortgage. Bear in mind that a bad mortgage greatly affects your finances later on. 

 The next thing that you have to do is to look for funds for your down payment. Most traditional mortgages require you a twenty percent down payment for the price of the home. Most lenders consider the twenty percent down payment as the amount of equity you have to do to avoid paying a Private Mortgage Insurance or PMI. If your down payment is less than the required twenty percent, the lender will require you to pay a PMI premium, which could amount from twenty dollars to a few dollars each month.
 
 Another thing to take into consideration when buying a home is flexibility. Determine how long you plan to stay in your home. Make sure to check out the physical condition of the home you wish to buy.  Many homes in bad condition can easily be sold to unsuspecting buyers, especially for first time homebuyers. Always take into consideration the staggering amount of repairs that you will need later on. You should assume the worst when it comes to home repairs and consider those before you purchase a home.
 
 Loving your prospective home is not enough. The home you are planning to buy should appeal to a wide range of homebuyers so when you decide to sell it or rent it out, you have a wide range of audience to advertise the home to. Envision yourself as a person who has typical tastes in a home and find out if the home of your choice has these features. Do not buy a home that appeals only to a few people since there is a possibility that could be stuck with it for a long time if ever you decide to sell it or rent it. Keep in mind that buying a home is a long-term process and the moment you buy one, it is not easy to just pick and go. With home ownership, you have a certain financial obligation and the process could take a few months to complete. Make your research and exercise patience when it comes to buying a home.
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