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First Time Home Buying Steps

Buying a home is one of the biggest emotional and financial decisions you’ll ever make in your life time. The differences between renting and buying a home are huge, and there are numbers of pros and cons for both Renting Vs Buying. Being a homeowner also brings with it a new level of responsibility. Before moving forward,  here are some home buying steps to consider.

STEP # 1: Is Owning a Home Right for You? 

There are pros and cons for both renting and buying. Buying a home may not be the smart decision for everyone. You have to decide what is best for you. Homeownership means you are responsible for all maintenance and repairs. There are other expenses to consider such as: homeowner’s insurance, property taxes, condominium fees and utilities in addition to paying the mortgage. These are the questions to consider before moving to next step.

  • Do you have the essential financial management skills?
  • How financially stable are you?
  • Do you have stable job and steady income?
  • Are you ready to take the responsibility of being homeowner?
  • Are you able to allocate the time necessary for home maintenance?

Read and  think through the advantages and disadvantages of both owning and renting. If homeownership is right for you, you must be ready financially and emotionally so you can make honest decision.