Buying a home is one of the biggest decisions you will ever make. To ensure that you make the best choice, ask yourself a few questions. What do you really want in a home? What is your current financial situation? What are your financial and lifestyle needs?
As a first-time buyer; you might not be aware of all the costs associated with home ownership and it’s a good idea to review them all and factor them into your decision.
Upfront costs: The initial amount of money you will need to buy a home, including the down payment, the closing costs and any applicable taxes.
Ongoing costs: The continued cost of living in a home you own, including mortgage payments, property taxes, insurance, utility bills, condominium fees (if applicable) and routine repairs and maintenance.
Major repairs: Large and expensive repairs and renovations your home will eventually need, such as roof replacement or foundation repair.
If you choose a property that is not hooked up to municipal services such as water and sewer, there may be additional costs to consider as well.
Click here to read tips like this and others in my Home Buyers Guide