Buying a home is one of the biggest financial decisions you will ever make. So, then, properly preparing is important to ensure you are not surprised by the process of buying a home- or by the expense of actually living in the home. To protect you from such surprises, here are a few pieces of advice for buying a home.
- Feel The Finances: It is one thing to look at numbers on paper and decide that you can cut costs in these handful of categories to make home buying a reality, but quite another when you are actually living out those changes. To make sure that your financial plan is realistic, try giving it a test run. Calculate the difference between your current rent/mortgage and the mortgage you will be paying, and factor in home maintenance, insurance, taxes, and HOA fees. Try setting aside the money you would be paying on those things in savings. If it is comfortable for you to do that for a couple of months, you are ready to buy.
- Prioritize Needs vs. Wants: Your wish list for your new home is likely long, so make sure you get the features you actually need by creating another, shorter list of your must-haves.
- Look Into Insurance: You will need to have homeowners insurance when securing the deed to your next home, so give yourself a head start on the process by researching the coverage you will need in advance.
Another important step in getting ready to buy a home is connecting with an escrow officer who can help you through the home buying process. Contact the escrow experts at Brighton Escrow in Hermosa Beach, California for all of your upcoming needs in escrow services. Do not hesitate to call us today!