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Here are some questions to help you determine whether you are ready to
buy a house:
Can you afford the mortgage payments? These may be significantly
higher than your current housing expenses.
Are you ready to be responsible for the upkeep of a home, or are you
more comfortable being a tenant? Remember, you’ll be responsible for all
repairs and maintenance in your new home.
Do you have cash on hand for upfront expenses? Aside from a hefty
down payment, your closing costs will be 3-3.5% of the total cost of
your home, including home inspection, attorney fees, 3 months of tax
payments, title insurance and other fees.
Do you plan to live in the neighborhood for a while? If you don’t plan to
hold onto your home, keep in mind that closing costs and the high interest
payments at the start of a loan means that short-term home ownership is
usually not a wise investment. Use a rent vs. buy calculator such as https://
www.zillow.com/rent-vs-buy-calculator/. Enter your location, home price,
down payment, and rent to calculate the point at which it will be cheaper to
buy rather than rent.
· Kitchen & bath remodel
· Gas piping
· Boilers
· Water heaters
...and all your plumbing needs!
36 | 2020 Lakewood Home Buyer’s Guide
