I’m a first-time buyer. How do I decide how much house I can afford?
The
key to purchasing your first home is understanding your finances. Preparing
your budget requires more than knowing your account balances—it also means
knowing what you can borrow. Meet with lenders before calling your real
estate agent. Compare mortgages and ask about programs for first-time buyers.
When
you find your dream home, get a home inspection before you sign. If the
inspector finds costly problems and you’re facing extensive repair costs, your
agent will likely recommend that during negotiations he or she ask for a
reduction in the home price or other compensation from the seller.
Don’t
forget other costs. Factor in the expense of commuting, if applicable. Also ask
to see previous years’ utility bills so you can adjust your budget accordingly.
And do consider an energy audit, which may justify the expenditure by
suggesting ways of reducing your energy costs.
No comments:
Post a Comment