Our home is our castle, right? Well, it can be, but it can also be a real burden if we commit to something we can’t afford.
According to wealth coach Fern Alix LaRocca, home buyers need to get the following things right when buying a home:
First, Fix Your Credit Rating
Fix it first and you will save money on better mortgage rates – you’ll pay less interest over the life of the loan.
Get the Right Sized House
Don’t buy a house that’s too big and spend more than you need to. Also consider space for family. Are stairs a good idea or not?
Choose the Right Mortgage
Always choose the loan with the lowest interest and fees. This is more important than choosing a mortgage with the lowest payments – this can end up much more expensive in the long run.
Don’t Forget the Extra Expenses
You’ve got taxes, insurance, water, utilities, garbage, and assessment fees. Don’t forgot or underestimate these. They all add up.
Don’t Rely on Home Inspectors
Take the time to turn on and off all of the appliances, check water temperature and flows, look for good sealed windows and insulation. This can save you a lot of money in the first couple of years.
See the rest of Fern’s tips for buying a house.