Budgeting for First Time BuyersPosted 03/06/2013
Buying your first home is a big investment of many sorts. Emotionally, physically, and certainly financially, the purchase of a place all your own can be an intimidating process. In order to alleviate some of the stress, take some time to set your budget and account for all possible costs that might be associated the new property. MSN Real Estate has put together an extensive and helpful guide to help first time buyers avoid financial blunders and surprises.
A few key tips include:
- Consider All Costs: Beyond your down payment and allocated mortgage, there are a variety of extraneous costs to account for before and after your home closing. Home inspections, moving costs, HOA fees and higher utility costs should all be considered in your monthly plans.
- Hard Costs Count Too: Will your new home need draperies? What about a landscaper? Appliances, paint and a pool boy too? Be sure to look at the big picture of what it will take to get your home in livable order and what it might cost to keep it there, too.
- Practice Your Payment: They say 'practice makes perfect,' so why not apply that logic to your mortgage? Leading up to the move, transfer the difference between your rent and mortgage bill into your savings account to set you up for success.
See more great tips on budgeting for first time homebuyers in the full article from MSN Real Estate.
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