WFMW - Homebuying Lessons
The other day I came across an interesting little article in our AAA magazine. We had to learn some of these lessons the hard way, so I thought it would be a good thing to share. Hopefully it will help someone avoid costly mistakes. I also found a good article on lifehacker as well. (Be sure to read the comments; they have great additional advice.) Buying your first home can be a daunting experience, so be sure to ask others what works for them!
Number one is number one for a reason! Just because you can technically afford a certain amount doesn't mean you have to spend that much money. You'll be much happier in the long run if you have some wiggle room in your budget for the inevitable maintenance and repairs.
We learned the "electric baseboards are an expensive way to heat" in an apartment, so we knew to avoid them when buying a house. Sometimes that may not be possible, but at least you'll know ahead of time. After that first electrically-heated apartment, we moved to another one. It also had electric heat, but each room had its own control which made it more manageable and we were able to easily make adjustments to stay within our budget.
Make sure you know what private mortgage insurance is, and be sure to cancel it when you reach that magic 20% number. No sense in paying for something you don't need!
Number one is number one for a reason! Just because you can technically afford a certain amount doesn't mean you have to spend that much money. You'll be much happier in the long run if you have some wiggle room in your budget for the inevitable maintenance and repairs.
We learned the "electric baseboards are an expensive way to heat" in an apartment, so we knew to avoid them when buying a house. Sometimes that may not be possible, but at least you'll know ahead of time. After that first electrically-heated apartment, we moved to another one. It also had electric heat, but each room had its own control which made it more manageable and we were able to easily make adjustments to stay within our budget.
Make sure you know what private mortgage insurance is, and be sure to cancel it when you reach that magic 20% number. No sense in paying for something you don't need!
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