Buying_home

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					Must Read Tips on Buying A Home

The home buying process can seem complicated, but if you take things
step-by-step, you will soon be holding the keys to your own home!

But before going into the buying process you should first ask yourself if
your are already ready for home buying.

Do you prefer or even enjoy moving into different places. Do you prefer
using your savings for things like vacations, appliances, retirement or
having your own business? Do you like to enjoy not having so much trouble
with regular maintenance and repairs?

If your answers to these queries are yes, then you may not be ready to
delve into the home buying experience. You may have a lot of good reasons
for buying a home but you should also have to consider your reasons for
not wanting to.

Remember than buying home is not just the biggest financial decision you
will ever make but also the strongest emotional choice in your life, so
be prepared to make wise decisions when you are in this process.

Buying home always seems to be a great idea, but it is important that
ownership of a certain property comes with a great deal of
responsibilities too.

Of course, being a homeowner is something to be proud of but it also
means having to invest money, time and energy and take on added
responsibilities. So, before you decide to buy a home, make sure you're
ready.

The first things that comes into our mind when we think about home
owning, is the wonderful things that is connected to it. It is true that
there are a lot of good reasons for buying a home. So here are some of
the good advantages of home buying.

Financial security is a very great deal of advantage when it comes to
owning your own home. If the housing prices would go up, your home can
provide you with some financial security due to capital appreciation.

Flexibility is another thing, when owning your house you will be able to
decide all the aspects that comes with it. You can decorate or renovate
your home to meet your own family's personal tastes and needs.

And of course stability, having your own home will make you feel at ease
and less burden than renting one.

Although it is really nice to think about the positive aspects of owning
a home, it is also a crucial part to consider the downsides as well. Here
are some of the disadvantages on home buying.
Financial Stress is a very common problem in home buying. Coming up with
the down payment, meeting regular mortgage payments and other ongoing
costs will tie up a lot of your cash, and can put considerable stress on
your finances.
Maintenance and Higher Costs are also a big problem. Keeping your home in
good shape requires time and money.

You may pay more each month for housing than you did as a renter. There
are also extra costs for maintenance and property taxes.

So, you've decided that homeownership is right for you. Now you need to
determine if you are financially ready to buy a house.

To avoid any future surprises, you can do some financial exercises to see
where you stand. They include: calculating your net worth, your current
monthly expenses and your current monthly debt payments.

Knowing your net worth is important because you will need this
information when you discuss a mortgage with your lender.

Your net worth is the amount left over once you've subtracted your total
liabilities from your total assets. It will also give you a snapshot of
your current financial situation and show you how much you can afford to
put as a down payment.

Just remember all this notes and surely you will be able to arrive at
some very good decisions in home buying. Do not rush into home buying,
take some time to think and view the property first before closing a
deal.

Closing day is the when you finally have bought your home; you now take
legal possession and finally get to call your new home your own. You are
sure to feel great relief and satisfaction but remember that the home
buying process isn't over just yet. There are quite a few things that
need to be done on closing day.

Make sure that your lender will provide the mortgage money to your
lawyer. You must provide the balance of the purchase price to your lawyer
along with the closing costs. Your lawyer pays the vendor, registers the
home in your name, and provides you with a deed and the keys to your new
home.

				
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posted:10/11/2010
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