Make Home Buying a Success
Purchasing a house is a big decision. It is okay to have some trepidation and concerns when trying to sort it all out but here are some ideas that might help to make the decision process less overwhelming.
Organization:
We've all heard about creating a pro-con list when it comes to making important decision. With so many options in the housing market you will feel less overwhelmed if you create a list to differentiate between needs and wants before you start seeing properties. Ideas to consider are location, style, price, and size of the home.
Budgeting:
That is all a balance sheet needs to be...a tangible outline of your financial reality. The better you plan out a budget the less likely you are to find unaccounted for expenses popping up along the way. A good rule of thumb is the 20-28-36 rule.
Future Thinking:
We all deal with factors that are out of our control or influence so to decrease bouts of worry and stress over the future focus on what you can control. Whether you are in a starter home or your dream home, good home maintenance can help with home values if you ever do decide to sell. The biggest influencer when it comes to home ownership is money and of course money management. Many first time home buyers or sellers find it helpful to meet with a financial planner. This can help you plan for what may come your way as well as give you peace of mind and assurance on what you are doing well.
Source: http://www.realtor.com/advice/plan-home-buying-success-paralysis/
Purchasing a house is a big decision. It is okay to have some trepidation and concerns when trying to sort it all out but here are some ideas that might help to make the decision process less overwhelming.
Organization:
We've all heard about creating a pro-con list when it comes to making important decision. With so many options in the housing market you will feel less overwhelmed if you create a list to differentiate between needs and wants before you start seeing properties. Ideas to consider are location, style, price, and size of the home.
That is all a balance sheet needs to be...a tangible outline of your financial reality. The better you plan out a budget the less likely you are to find unaccounted for expenses popping up along the way. A good rule of thumb is the 20-28-36 rule.
Expense
|
Amount
|
Down Payment
|
20%
|
Mortgage
|
≤ 28% of Gross Monthly Income
|
Debts-student loans, credit cards, car loans, etc.
|
≤ 36% of Gross Monthly Income
|
Future Thinking:
We all deal with factors that are out of our control or influence so to decrease bouts of worry and stress over the future focus on what you can control. Whether you are in a starter home or your dream home, good home maintenance can help with home values if you ever do decide to sell. The biggest influencer when it comes to home ownership is money and of course money management. Many first time home buyers or sellers find it helpful to meet with a financial planner. This can help you plan for what may come your way as well as give you peace of mind and assurance on what you are doing well.
Source: http://www.realtor.com/advice/plan-home-buying-success-paralysis/
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