How To Decide About Buying A House?
Although the thought of paying a mortgage is more enticing than paying rent
, it's important to understand all the costs involved in buying and owning a home as you determine whether you can afford to join the ranks of homeowners.
Inside, every house comes well furnished with fully equipped built-in kitchens and branded appliances. The developer has gone to great lengths to create a high quality of life for residents from the master planning stages down to energy-saving features and finishing of the residences.
A good proportion of the site is designated as green area, providing occupants plenty of room to stroll through the beautifully landscaped gardens and linear parks. Roads within the development are flanked with trees and lush greenery to create an inviting sense of arrival to the development.
To determine whether you can afford to buy a home, you should do the following:
1. Determine the property value of homes that interest you. The property value is determined by comparing the prices of homes recently sold of similar size in the same neighborhood. Your real estate agent will be able to provide this information to you.
2. Review different mortgage loan types and compare their required down payment amounts to the money you have available. Down payments, based on a percentage of the value of the property and determined by the type of mortgage you select, typically range from three to 20 percent of the property value.
Don't forget to factor in private mortgage insurance, a policy that allows mortgage lenders to recover part of their financial losses if a borrower fails to full re-pay a loan. Mortgage insurance makes it possible to buy a home with as little as 3 percent down.
3. Get an estimate of your closing costs, including points (the dollar amount paid to a lender for obtaining a lower interest rate on a loanone point is one percent of the loan amount), taxes, recording, inspections, prepaid loan interest, title insurance. These will generally add up to between 2 and 7 percent of the property value. You'll receive an estimate of these costs from your lender after you apply for a mortgage.
4. Add the down payment requirements and the closing costs together to determine the amount of money you'll need right off the bat. But you're not done yet.
5. Think about the actual move. Will you hire a moving company or rent a truck? Either way will cost you. The more stuff you have, the more it will cost.
6. Property taxes. Many lenders will require an impound account in which monthly payments for property tax (and often insurance) are paid together with the monthly mortgage payment. You can figure your average annual tax rate will be about 1.5 percent of the purchase price of your home.
7. Next, budget for maintenance and repairs. House Master, a home inspection company with 300 franchises nationwide, said that based on a study that evaluated.
Once you crunch the numbers and find you come up a bit short, investigate ways to reduce or creatively fund your down paymentit can come from a variety of sources. Check with your realtor or lender to find out what's available.
You'll also need to factor in the cost of homeowners insurance. In addition to the type of construction, age of the home, your credit history and past insurance history, new issues like litigating costly toxic mold cases are raising homeowners insurance rates.
Inside, every house comes well furnished with fully equipped built-in kitchens and branded appliances. The developer has gone to great lengths to create a high quality of life for residents from the master planning stages down to energy-saving features and finishing of the residences.
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by: Serena Gomes
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