What to do before buying a house
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Scrutinize your existing budget and determine your capacity to meet mortgage payments.
Before having yourself pre qualified by any lending institution, it is a good idea to do a “self-examination”. What are the things that I spend my money on? are they essentials? or could I put my money to better use? or are my expenses trivialities I can do without? Do I make timely payments on my monthly rent, bills and other utilities right now? Or buying my first home with a bigger mortgage not to my best interest at the moment? What are the debts am I paying off currently? Will I still be able to pay them if I buy a home right now? Have a lifestyle check and think about how it will impact on your choice of home and neighborhood. Ask people whose judgment you trust if they know experts who can help you in buying your first home. Go shopping for your choice of home and neighborhood. You could start by reading the real estate section of the local newspaper of the area you have in mind or its newsletters. The internet is also a great place to take a look at possible choices.
Filed under: Decision Making by Carlo
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