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Are You Ready to Stop Renting and Buy?

Take time to think about the best process of buying your first home.
Take time to think about the best process of buying your first home.

Buying a home for the first time is exciting and scary at the same time. It's normal to worry about future unknowns when contemplating such a huge financial decision. A live psychic can help calm some of your worry while guiding you on such a major decision. 


Here are some things to consider before buying your first home.


How much can you afford without sacrificing lifestyle?

Mortgage calculators are great tools to aid you when trying to determine a reasonable house payment without sacrificing your lifestyle. You want to leave enough wiggle room for maintenance of your new home while having enough left to pay for your own needs. Sometimes this means the house you can afford is not necessarily the house you want.  In that case, you may want to rent a bit longer until you can afford the house you want.


You need enough of a down payment to avoid PMI (Private Mortgage Insurance).

To avoid this extra cost, most mortgage companies make you put a minimum of 20 percent down. FHA loans and loans that require less than 20 percent down often require PMI. This added cost may not seem like much added to your payment, but in the long run, it can cost you thousands. You can expect about $40 per month on a $100,000 loan. Once you own 20 percent equity in your home, PMI won't be required.


What is the resale value of homes in the neighborhood?

Every neighborhood is different. School districts, economic conditions, and the age of a neighborhood can all be factors in determining resale values. Although a cheaper neighborhood is easier for you to afford, it becomes a catch 22 if you receive a job transfer and can't sell your home quickly. Talk to a phone psychic to decide if this possibility is in your future.


Are you ready for the unexpected that comes with home ownership?

When you rent and your heat goes out you can call your landlord. When you own a home and your heat goes out it is your responsibility to call a heating and air company and pay the bill for repairs. The expenses will be anywhere from a few hundred to a few thousand dollars when something unexpected goes wrong. This is a major factor to consider when taking the plunge into home ownership.


Consider the school district and how far your new home is from your work.

This is often an overlooked item when searching for a new home. You may not have a child in school now, but if it's possible that will change in the next ten years the school district becomes important. Also, if you are moving further away from your job, you need to budget in extra fuel and car maintenance costs for the longer commute.


Overall, homeownership is a very rewarding experience, providing you are emotionally and financially ready.

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