• The Right Way to Buy a Home

    70f6a92a27325dd5401b1194bb95bc65Buying a home is one of the biggest purchases you will ever spend in your lifetime. It requires a lot of thought, time, energy, and planning. Some buyers go into the process searching without knowing what kind they want, how much they can spend on a down payment, or how much they can get approved for.

    Just because you have enough money for a down payment does not mean you should buy a house. You have to think of your future. If you have children, will you still have money to set aside for their college education funds after paying the mortgage, interest, and all the other things that are required in maintaining a home? It is also possible that you will eventually get rid of the house. Most home buyers don’t consider this. They find their dream home and swear they’ll never move. And, maybe they mean it. However, life happens, and you might end up getting your dream job in another state. You’ll need to consider the resale value of your home. If it is obvious you’re overpaying for the home, think twice. Check out your neighbors too. Look online and search for crime history. You’d be amazed at the things you’ll find out, even in nicer areas.

    Come up with a number that you know you can and can’t spend on a house after looking at all of your financial information. Many buyers have an idea of what they can spend, but they fall in love with a house and suddenly find themselves offering more than they can afford. Don’t be this person. Also don’t be the person that doesn’t add other expenses into the monthly payments. You’re going to be paying for the light bills, water, repairs, HOA fees depending on what type of home. A house requires more monthly payments than just the loan itself.


    Please don’t make the mistake of buying the house without clearly reading the contract document you’re signing. a Contract is BINDING, meaning it cannot and will not change or be altered. A contract is permanent. Also consider how much money you’ll have after buying the house to decorate. A home isn’t a home if you can’t afford furniture for it. Try not to buy a massive home if you can only afford to decorate two rooms. You don’t want to be pinching pennies after buying a house. It is supposed to be an exciting experience, and you don’t want to be eating ramen noodles on the couch looking at the wall.

    Check your credit before you look at buying a home. See what you can work on; perhaps you need to pay off a certain debt, or have too many inquiries. You should not just go out and buy a house, you should plan it. Make sure you have your finances in line, and your credit report looking attractive to a prospective lender. Here are some other articles to check out that will help you.



    Homebuyer’s Walk Through: Considerations

    Home Furniture & Accessories


    Categories: Blogging

    2 thoughts on “The Right Way to Buy a Home

    • Janie says:

      The bank approved us for a loan higher than we feel we can afford. I’m sure we can afford it in terms of whether we have the money each month for the mortgage, but we wouldn’t have much money left over. Is a house ever worth it?

      • Anthony Bell says:

        Hi Janie. If you are going to be what is known as “house poor,” you should purchase a cheaper home. You do not want to buy a big, beautiful home with no way to furnish it, and no money to do fun things such as vacations, or enjoying entertainment or eating out. This is a big decision, so be sure that you are able to enjoy the home rather than be stressed about money after the fact.

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