Posts Tagged ‘buying your first home’
Your First Home: Finding it and Setting the Budget
When I Decided to buy my first home in my life and beginning a whole new life I thought that will be very hard decision to make and I may not achieve it. The first you must think when deciding to buy a home is money as you must set your own Budget first and this is the most important part in buying a home
Setting a house buying budget is not easy. Some people take all the money they have and put it in a very big home or take a bank loan and buy a home with all of it and then they calculate how much money they have left and and they found that they don’t have enough money to furnish their new home like as well as their closing costs which may include payments to the Mortgage Broker or lawyers. If you want to set a good budget you will have to make some hard decision.
First decision you have to make is to choose the amount of money you’ll be able to spend in your home then you’ll decide the size and the location of the house. Finding a house s not difficult but but take your time. Remember always make a list of the houses you like and out two small lists for every home you liked one for its (cons) and one for its (pros) and don’t forget to note the asking price of each property. After choosing three houses you liked put them in front of you and select one that is average of them in price and in size too for Example: You have found three houses one cost $100,000 and the other cost $125,000 and the third cost $150,000 you have to choose the average one which is the second one $125,000 I know you’ll get a smaller house then the third one but you now have a buffer of $25,000. Now you have a budget for closing costs (lawyers, essential renovations, sales taxes, etc) and you’ll have some money left for the Extra things like (TV, DVD, Computer, refrigerator, Washing machine, Home security system, Cleaning Garage…etc)
Once you have your home and are considering what furnishing you need don’t always but the most Expensive. For Example if you found a (Flat TV with $400) and a (LCD TV with $1000) and a (Plasma TV with $1600) which would you choose? Always start items that fit your budget or even less than then you will have funds left over for other stuff you didn’t even think of it and didn’t put it in your budget form the beginning.
That’s how you make a good Budget that will never makes you spend more than you have or take a loan from anybody But it Need patience and time and in one year you’ll have the Home you always dreamed of.