Home Loan

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Homeownership 101

Financial Readiness

It is always good to examine your finances before making any purchase. Establishing short term and long term purchasing goals will help set the right expectation for how much you can afford to spend.A home purchase is likely to be the biggest financial decision your family will ever make.Because this purchase involves a payment obligation that can reach 30 years, it is important that you identify what you can comfortably afford to pay per month while meeting your other financial obligations.

Things to consider are:

  1. Cash for a down payment and for closing costs
  2. Your income level and whether or not it is steady and reliable
  3. Future financial obligations that will arise during the term of your mortgage
  4. In addition to your mortgage payments, the costs associated with owning and maintaining a home such as roof replacement, heating or cooling upgrades, etc.

Finding a Home

Beyond the price of a home, there are a number of determining factors that you should consider when shopping for a home. One key factor involves the location of the home which can play a significant role in helping you meet your personal goals and objectives. Before contacting a Real Estate Agent make sure that you have done all your research on where your ideal new home is to be located. After all, there is wisdom in the old phrase location, location, location.

Ask yourself the following questions before contacting a Real Estate Agent:

  1. Which school district do I want my children to be enrolled in?
  2. What are the neighborhoods with the lowest crime rate?
  3. How long of a work commute can I bear?
  4. Where is the Mosque or my preferred place of worship located?
  5. Where are the most ideal shops or shopping centers located?

Responsibilities of a Homeowner

Congratulations on your newly acquired home! Now that you are a homeowner it is your responsibility to provide regular maintenance and repairs to keep your home in good working order. Proper maintenance will help the value of your property stay high and keep small issues from turning into big, expensive repairs.

It is highly recommended that a homeowner conduct an annual “check-up” of their house to identify potential problems that may require repairs. Plan ahead and prepare a budget for those repairs by setting aside between 1-3% of the market value of your home on an annual basis – typically this is the estimate that experts recommend.

For detailed information on home maintenance, Click Here.

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Updated: 3/23/23 @ 12:59 PM

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