Can I Afford to Buy a Home in Roseville?
Wednesday, December 5, 2012
The thought of paying a mortgage rather than paying rent sounds rather tempting. By making monthly mortgage payments towards your home, you are putting money towards the equity of your asset. Before you decide to buy a home, it's important to consider all of the costs involved in buying and owning a home as you calculate whether you can afford a home and join the ranks of homeowners.
It is not uncommon for prospective home buyers to forget to factor the down payment towards the home's purchase price. Other factors include homeowners insurance and the possibility of depreciation. Closing costs, moving, buying major appliances, and regular home maintenance costs are often not realized until later. As a homeowner, you are also responsible for the condition of the home including malfunctioning appliances, plumbing issues and landscape maintenance. If you plan on purchasing an older home, costly renovations and repairs may lie down the road. Generally when these become necessary to address, home equity loans are often explored.
With all of these factors considered, you will be able to determine whether or not you will be able to afford a home. It is also advised to request a home loan quote to get a rough idea of how much buying a new home will cost.