Thursday, May 4, 2017

Understanding Your Finances Before You Buy A Home

One of the challenging, essential and important decisions, almost all of us make, is deciding to acquire a home of your own! This time is often a period of tension, uncertainty and anxiety, especially because, for most people, one's house, becomes their biggest, only financial asset.

George Schiaffino


George Schiaffino, A veteran  real estate agent is suggesting, before you purchases a home, examine and understand your personal FINANCES.

Funding


In most instances, a 20% down payment will be needed, although this number may differ, under certain circumstances and condition. While lower down payment options might seem to be attractive, bear in mind it means you will have a higher regular carrying charge.

Inspect


Examine your means , not only in conditions of the initial payments, but whether you can feel relaxed controlling the monthly carrying charges. It is usually a good idea, to obtain ready cash, equivalent to at least six to seven months payments/ carrying charges.


Needs


Know your own needs, and comfort sector! Simply how much house do you need, and what is going to it take, to get you there?


Affordability


Is a area you favor, one which you can afford? Location often requires pricing, and are there other available choices, which might also appeal to you, at a lower financial burden?


Clarity


According to George Schiaffino, properly consider your personal actuality! Know what you want, need, and can manage, and make buying and moving into a fresh home, a pleasure, rather than burden!

Earning ability


Consider your personal generating power, not only, at present, but also in the future. How stable is your situation? How secure is your employment/ earning situation? What will you do, to prepare for eventualities? This is another reason, to always maintain that 6 - 9 weeks buffer!

Strength


Concentrate on maintaining financial health, by avoiding the snare of overly depending after credit, and spend/ buy wisely! Solid finances will generally be a willing strength!

We encourage one to become a property owner, but caution to do so wisely! Be ready and home ownership will often be the best thing you have at any time done!

3 comments:

  1. Thank you for the good advice on saving money. I will surely take care of these points.

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  2. Great example of points! Thanks for sharing..

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  3. Great blog. All posts have something to learn. Your work is very good and i appreciate you and hopping for some more informative posts. Buy a home

    ReplyDelete