Many Americans choose to rent a home for many years before they buy one. There are a lot of different reasons why some people choose to rent a home instead of buy one, most of which are related to cost. Many people automatically assume that they will not be able to afford a home while others think they can afford a home when in reality they can’t. Determining whether you are ready to buy a home not only depends on your financial situation but also whether you truly believe that you are ready to commit to being a homeowner. Remember, owning a home means you are responsible for yard work, around the house maintenance, and other duties that you may not have had when you were a renter.
It is important that before you buy, you determine how the cost of renting compares with the cost of buying. You should also consider some of the unexpected costs of homeownership that you may not have thought about. For example, if you are currently renting a 1,000 square apartment but upgrade to a 2,500 square foot home, you will need to buy enough furniture to fill all of the rooms in that home.
In addition, if you choose to purchase a home that is in a community with a Home Owner’s Association, you will have to pay that fee as well. If you purchase an older home, you may need to do some updates that may become costly.
Your mortgage broker will only approve a home loan if they truly believe you can afford the home after conducting an assessment of your finances. If you need legal assistance when purchasing a home, contact our firm today.
If you require experienced legal representation for any of your residential and commercial real estate, bankruptcy, or family law matters, contact the Mark Scollar Law Office today to schedule a consultation.