Technology And Real Estate

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Top Financial Considerations When Buying A Home

Worried about homebuying costs? Buying your new home, whether here in Vermont or anywhere, is a big decision. It can be the best financial investment you ever make......provided you think it through and make some sound decisions. In an article written by Terri Briseno for HowStuffWorks.com, she goes through a financial checklist of areas for consideration. She brings to light some of the hidden expenses that often are a surprise to first time home buyers. Things like cost of a home inspection, insurances, association fees, closing costs and more. Most of these expenses should be discussed by your Realtor, but sometimes they are not explained in detail. The most disheartening thing can be the feeling of being "nickled and dimed" as the closing draws near. Many home buyers get so involved with the emotional side of finding the right home and wrapped up in imagining themselves living in a new place and in a new neighborhood, they don't pay attention to or don't even know the many details that lie ahead.

Regular Home Maintenance Costs

In her article, Terri spells out the actual costs of buying a home and considerations of what to expect so as not to be surprised. Have you thought about regular home maintenance costs, or how you might pay for a major repair? While renting, it's easy to just call the maintenance or management company, but when you are the owner, you will be that person. Will you have enough money put away for an emergency, or will you have emptied your savings account for closing costs and inspection fees? As a homeowner you will be paying real estate taxes and will have to have homeowners insurance, again things as a renter you probably didn't think twice about. The gist of all this is to be prepared and informed and you will have a much easier and pleasant experience.