Given that owning a home, of your own, is often considered an essential component of the American Dream, and for most people, the financial value of their home represents their single largest financial/economic asset, it doesn’t make much more sense , if serious potential homeowners, proceeded, with their eyes wide open, and started, your process, as well – prepared, as possible? Although most people realize the need to preserve/protect their credit, build up the necessary funds for all down payment and other closing costs, they often overlook the true COST to buy a house! With that in mind, this article will briefly attempt to consider, examine, review and discuss, using the mnemonic approach, what this means and represents, and why it is an important and relevant consideration.
one. Credit; closure; choice; create; coordinator: Before one begins their search, they should carefully examine and review their credit report, correcting any errors and addressing any areas of weakness. You can do it yourself or hire a consultant, but don’t continue until you’ve done this. Securing a mortgage is not only a necessary aspect of the buying process, and one needs the credit to secure this loan, often the difference between getting the lowest and highest rates depends on your overall rating! Take a look at your choice of a home and why, it will meet your needs and requirements! By creating a positive mindset, you’ll set yourself up to coordinate your efforts effectively, leading to a much more stress-free close.
two. Options; open mind; opportunities: Buying a home is a significant and relevant process, and it is prudent to carefully consider the options, including the specific choice, potential opportunities, etc., and proceed with an open and well-considered mind, to better understand all costs, expenses, etc. . related.
3. Systems; service; solutions; strengths: Before committing to a specific property, hire a professional engineer and/or home inspector to provide a thorough review of the overall condition, including strengths and weaknesses. Differentiate between major and minor problems, and understand if the so-called, house bones, they are strong, etc. Just shop for a place that effectively meets your needs, both present and future, and consider whether the particular house provides relevant and sustainable solutions to your needs and priorities!
Four. trends; taxes; time tested; prompt: Recognize the relevant trends, both in terms of the particular property and financing options, and act wisely! Use the time-tested forms to assess, including a financial review, of all related real estate taxes/fees, etc., as well as potential unforeseen expenses, etc. Once you’ve made a sound decision, proceed in a timely and well-considered manner, and be prepared!
Don’t ignore the truth COST of home ownership! Will you be a smart shopper?