Is it finally time to take the plunge and buy your own home? Buying a new home can be an intimidating process, especially for folks who've never owned before and haven't gone through the process. But, maybe your landlady's driving you crazy, you can't have pets, and you only have patio access on Tuesdays. We encourage you, before you take the leap, to check out these tips from our friends at Coinage. Asking yourself these three simple questions before committing to such a large investment will ensure that you're prepared and educated through the process. It will surely pay off in the long run to be extra thorough as you're preparing to buy your first home.
Coinage, life, well spent, presented by Geico. Landlady ruin your life? No pets allowed? Can't paint over those boring white walls? And you can only use the patio on Tuesday's? Maybe it's finally time to take the plunge, and call the shots on your own space. But there are important questions to ask before Taking the leap into home ownership. How long do you stay in one place? If you don't plan on living in the same home for at least 3 to 5 years then owning is probably not the best choice, you'll probably lose money in the long run. And then of course there's always money. How much do you make, do you have job security, have you built up savings for a down payment. Maybe you're thinking hey I can totally pay a mortgage. I pay less than that in rent. But owning a home comes with a lot more than just a monthly payment and some utilities. Property taxes alone are sure to hit the wallet hard. You calculate this annual cost by multiplying the assessed value of your home by the tax rate in your area. And don't forget homeowners insurance and maintenance. And this is after you've paid your down payment and closing costs. Renting may feel like throwing money away on And something that is not yours, but you are not tied down. Once that lease is up, the sky's the limit. The world is your oyster, you know, something like that. So if the time and money are right, it may be just the moment for you to finally buy the house of you dreams. Have all the cats you want. [MUSIC] Coinage. Life well spent. Presented by Geico.