subject: How To Buy A Home- Tips From A Budget Planner [print this page] Your home will be your most important investment. And according to financial experts, this decision could make or break your finances. Buying the house during a time of which you are financially able then you can say that you did the right thing. But if you fail paying for the mortgage every month, you may find it hard to handle the debt and eventually lose the home. So before you decide on buying your own home, mind your budgeting so ask a planner for guidance. This person is an expert on finances so he or she can tell you how best to approach owning a home. But for starters, here are some things you need to consider:
Survey the macro market. It is always best to know what is happening in the market, specifically of the housing market. Analyze and understand the trend. Ask around for observations or read as much as you can. It is important to learn about the bigger scale, as in macro level, so as to understand the micro level of home trends.
Rehab a home. If you merely plan on re-selling a home, the best way to do would be to rehabilitate an existing house. This means pick a home that only need repairs. Choose the right location and fix the things that will add value to it in the market.
Know about taxes. There will be taxes involved and might be they can be expensive for your financial ability. So learn the property tax laws in your area and best be prepared for it. You can also go by the property that will cost you lesser tax. It may seem insignificant the amount but at the end of each year, tax is a few thousand dollars off your pocket.
Find a direct seller. It is no doubt convenient to just find a good realtor and hire him to find you the best deal. But remember that your realtor makes a cut of the price, too. And this cut is nothing cheap. So if you indeed want the best deal, go find a direct seller yourself. Buying from this seller would give you the real price of a home, without cuts and commissions for someone else and whatnot. The savings you can get from this, you can use for your other investments or needs.
These are some tips to follow when buying a home. But remember, it is important to practice saving some money aside to pay for the monthly mortgage. This way you dont have to lose a home.
