earching for just the available for students? What
right home can be very credentials and how much
exciting. You may plan experience do teachers bring to
ahead for the number of bedrooms the task?
and bathrooms that you want. Or
imagine preparing for dinner Is the foundation of your new
parties in a sun-filled kitchen. home sound? Is it well built?
Although these things are
important, there is more to a Are the existing appliances sound
good home purchase than the rooms or will they need to be replaced?
it contains. Following are just a
few suggestions to consider. Take
some time to make a list and Are the home's major systems such
determine which additional as electricity, plumbing,
priorities are important to you. heating/air, and roofing in good
condition?
Survey the neighborhood during
many different times of the day Is the home energy efficient?
and days of the week. Are you
comfortable with the noise, How much major and/or cosmetic
activity levels, traffic volume, work will be required?
etc.?
What will your commute look like?
If you have, or plan to have If possible, do a trial run
children, check with the local during rush hour.
school board about the
neighborhood schools. What is the What is the crime rate?
student/teacher ratio? How are
the test scores? How involved are What permits have been issued for
the parents? What programs are new projects and/or construction
in your new neighborhood? beyond the basics (i.e.
principal, interest, taxes and
Will you be expected to pay insurance). Assuming
homeowner association fees? Are responsibility for these costs
you comfortable with the can be a big financial
covenants set forth? adjustment. This is particularly
true if, as a renter, you are
Does the neighborhood provide accustomed to responding only to
sufficient recreational fixed expenses (i.e. rent)
opportunities? without much concern for variable
expenses (i.e. broken pipes and
Will you be moving into a home or new water heaters). Well, now you
joining a community? are the landlord and it is up to
you to handle the mortgage, in
Is the local grocer clean and addition to all of the variable
well-stocked? expenses of home ownership.
Enlist the help of a good real Routine and emergency maintenance
estate agent, reputable home issues are an inevitable part of
inspectors and others to help homeownership. The dishwasher
find a home with more than just a will need to be replaced, the
pretty face. roof may begin to leak, or the
furnace will give out. You can
Beyond Mortgage Payments minimize the financial fallout by
planning ahead and budgeting in
Owning a home involves far more anticipation of these expenses.
than keeping current with your Recommendations vary, but you
mortgage payments. There are a would do well to save an amount
number of costs associated with equal to at least 2% of the cost
home ownership that extend far of your home for annual upkeep
and maintenance. Set aside funds your ability to handle these new
toward this amount each month. In expenses by making a trial run.
this way you will eliminate the Do your best to estimate the
scramble and panic of getting the total cost of home ownership. Use
funds together to get that tree that information to make a
off of your roof. budget. Before you sign on the
dotted line, live within that new
In addition to maintenance and budget and see how well you
upkeep, there may be other costs manage. You may find that you
you will need to absorb. These have adequate financial
include water, sewer and resources, that's great. If you
sanitation expense; homeowner's find that you are a bit short,
insurance, and property taxes. It you may need to make some
is important to understand the adjustments. Being proactive now
full cost of home ownership may help you avoid foreclosure in
before you sign on the dotted the future.
line. You can build confidence in
About the Author:
Nicole Soltau is the President and Founder of http://CreditUnionRate.com -
The Leading Credit Union Directory
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Source: www.isnare.com
