7 Articles You Need To Read Before Buying a Home
No home buying scenario is the same as another
Since late last year, I started working in the world of real estate. I was spending around 20 hours a week researching home ownership, the essential need-to-knows and all of the ways that buying a home can change your life. It was eye-opening, to say the least. As someone who is planning to buy a home by 2020, I know that the main focus for me has been saving a down payment. Otherwise, I assumed that everything else would fall into place on its own. But, boy was I wrong.
Buying a home is more than saving a down payment
You also need to save for the closing costs, emergencies, new furniture and insurance. On top of the financial aspects, you also need to remember the non-financial side of owning a home. It can be extremely overwhelming. However, since emerging myself in this world, I've read (and written) some pretty valuable advice about buying a home.
These five articles will give you a unique perspective before you go ahead with the largest purchase of your financial future.
"Your house is the place where you live—it’s not your whole life. Budget accordingly."
"Putting less than 20% down can actually save you money in the long term, even after you add in the mortgage insurance premium fees."
"You’re renting money from the bank or renting space from a landlord, but either way, you’re still renting."
"With mortgages, you need to understand that not every product is the same."
"Down payments get all of the attention because they are big, flashy amounts of money. The down payment is the end goal, but it’s not the whole story."
"Homeownership isn't all smiles and high-fives."
"Some recommend fixed and some recommend variable. You’ll likely never get the same exact answer out of two people, and for a very good reason."
At the end of the day, the information available when it comes to home ownership is immense. However, where you get that information is important. Countries are different, cities are different, and each individual is unique. No home buying scenario is the same as another — which is why by doing your research and reading (like you're back in school) is extremely important.
What are some of your favourite places to read about home buying? Let me know in the comments!