Financial Planning Tips: Home Ownership
Following are 7 tips for keeping your dream of buying a home from turning into a nightmare.
- Decide first whether this is the right time to buy.
- Investigate financing early on. Shop around for the best rates and terms.
- Be certain you can afford the monthly mortgage payments. A rule of thumb: your mortgage payment should never exceed 30% of your gross income.
- When budgeting, include amounts you’ll pay for real estate taxes, insurance, utilities and general repairs.
- Secure the services of a real estate attorney, at least for your closing.
- Always consider the future marketability of your home. You never know when you will need to sell or move.
- Secure adequate home owner insurance.
There are also many tax advantages available to new homeowners, but many of the laws are complex and require documentation. Knowing the rules and planning to comply with them are critical. To find out more click here to review “Tax Tips for Homeowners”.
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Copper Leaf Financials’ team of CPAs and experienced financial planners have worked with clients for more than 15 years to help them achieve their short and long-term financial objectives – mindful of the need to adjust strategies as life circumstances evolve.