What You Need to Know About Buying a House. Chron writes, “Nearly two-thirds of millennial homeowners have regrets about their purchase, according to a study by Bankrate.com. The most frequent complaint is finding out that maintenance and other costs are more expensive than had been expected.
Bankrate Analyst Deborah Kearns said homebuyers should set aside 1
“budgeting early on can prevent dipping into emergency savings or going into debt to handle these added expenses,” she said. “Buyer’s remorse can easily be avoided with adequate research and planning.” percent of their
Sixty-three percent of homeowners ages 23 to 38 had regrets about their current home purchase. Of those, 29 percent cited unexpected costs, 19 percent said they bought too small of a house, and 13 percent regretted the location. The age group had more regrets than any other; Only a third of baby boomer homeowners, ages 55 to 73, had regrets about their purchase.
After submitting a pre-qualification application with an online bank, you may be told you are qualified for a $250,000 mortgage. You were surprised. After you considered the mortgage amount, taxes and insurance and the other bills, the most you thought you could afford was $175,000. It doesn’t matter how much money the bank is willing to loan you. What matters is what you are comfortable paying every month, and that number might be much, much lower.Buy A House You Can Afford Now … And Later
Figure how much you can afford now and later. What happens if you are both working and then your life changes with a baby and one of you stays home? Think about the expenses you might have down the road. Will you have to pay for private school? For a nanny? Your car is paid off now, but how long before you’ll have to replace it with a new one? Make sure your mortgage leaves you with some wiggle room to take on new expenses when necessary and save more in preparation for them.
Your Monthly Payment is a Lot More Than Your Mortgage
Knowing What You Need to Know About Buying a House will help you avoid Buyer Remorse and enable you to enjoy your new house.
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