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Buyers

PH03248ISo you want to buy a house?

Maybe you’ve already found the place you want?

If so, your next step should be looking at payment options.

Some people choose to work with a bank while others prefer a mortgage broker. Costs can vary depending on who you choose to work with. In order to decided which entity best suits your needs, go into the purchase process with an understanding of which fees are fixed and which are negotiable.

I encourage folks, especially young couples, to create two separate budgets before buying a house. The first budget should highlight current expenses. The second budget should emphasize proposed expenses after becoming a homeowner. Doing this will not only give home buyers an opportunity to visualize future outgo, but more importantly, an opportunity to talk about concerns and restrictions that are related to financial goals. People find this part of the process uncomfortable, but beneficial. The emotional charge is minimal and worthwhile in the long run.

The overall timeline of buying a home can start-and-stop and twist-and-curve. It’s somewhat like taking a wild and crazy plane ride at the fairgrounds. Reports will be created, reviewed, re-created, re-reviewed, agreed upon and then filed. Sometimes buyers will question their decision to purchase a home. Is it simply better renting? Should I take-on this emotion-filled process?

The answer is generally, yes.

Owning a home is a valuable thing. It can serve as a foundation to financial stability, especially if it is approached as a long-term investment. It also tends to contribute to a person’s self-confidence. Buyers become familiar with different people and industries and develop an expertise to share with others. Homeowners also benefit from being able to maintain their home exactly how they want it and have greater freedom to make the property feel like a home rather than just somewhere they happen to live.

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