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steve2470

(37,481 posts)
24. I haven't read the entire thread but here's my two cents....
Fri Jan 1, 2016, 04:23 PM
Jan 2016

Do not ever forget that YOU are responsible for repairing and maintaining your property. Unless you do it all yourself, that's going to cost you X amount per year. If you're smart, you'll save that much every year in an interest-bearing account for those untimely emergencies like the roof leaking, plumbing going bad, etc. Figure out replacement costs for your roof and other parts of your house (I'm assuming house here) and then amortize it over the expected number of years. Otherwise, you're going to have huge charges on your credit cards or a huge hit to your savings account at bad times.

Also, find out upfront roughly what your tax bill will be per year. If you don't pay your taxes, eventually the local government is going to take your home. That's the way it is. The taxes might go up and/or the value of your home might go up, which will cause your taxes to go up. Same advice as above, save that money every year in an interest-bearing account. Pay your taxes immediately when they are due. I get a 4% discount for doing that promptly, and you might also. At least you get it off your mind and the taxes are paid.

Every month (if you're smart) = Principal payment + interest payment + taxes set aside + repair/replacement costs set aside + regular maintenance costs (lawn, pest control, etc) + other fees set by your lender.

Best wishes and good luck, it's much better than renting if you can afford it!

Recommendations

0 members have recommended this reply (displayed in chronological order):

first congratulations hollysmom Dec 2015 #1
For each home that I've bought, and even those I've had built, I used a pre-buy inspector Major Nikon Dec 2015 #2
They are not too costly, either. Tobin S. Dec 2015 #4
OMG Kali Dec 2015 #3
NO nt retrowire Dec 2015 #16
Definitely make any offer contingent upon a home inspection. mnhtnbb Dec 2015 #5
My number ONE tip for EVERY homebuyer; pay attention, this really is very underahedgerow Dec 2015 #6
Home Buyer's Warranty is negotiated. Lars39 Dec 2015 #9
That's true. I had the great fortune to have an awesome Escrow agent who did all the hard work for underahedgerow Dec 2015 #10
A good agent can make all the difference. Lars39 Dec 2015 #13
Have fun looking! First of all, make a list of neighborhoods you are interested in. Then make a list livetohike Dec 2015 #7
I found some very handy tips before buying this place, they worked out great. dixiegrrrrl Dec 2015 #8
We just bought a house last month and got a lower interest rate by escrowing our taxes and insurance seaglass Jan 2016 #21
I would love to know who is servicing your mortgage. dixiegrrrrl Jan 2016 #23
We deal with a Mortgage company, not a traditional bank. We are expecting that the loan will be seaglass Jan 2016 #27
Interview several real estate agents LiberalEsto Dec 2015 #11
Message auto-removed Name removed Dec 2015 #12
I'm guessing you aren't in CA! PasadenaTrudy Dec 2015 #14
NC East Coast! :D retrowire Dec 2015 #15
If you can't put down 20% TexasBushwhacker Dec 2015 #17
Enjoy! and congratsl Good to have your own roof. oldandhappy Dec 2015 #18
I agree about the inspection. Blue_In_AK Dec 2015 #19
The biggest thing that you can't change is the location mythology Dec 2015 #20
My parents bought a home and after moving in, discovered NONE of the windows opened. DebJ Jan 2016 #22
I haven't read the entire thread but here's my two cents.... steve2470 Jan 2016 #24
You don't mention kids,but you may want to check out the local schools - hedgehog Jan 2016 #25
Remember..it's your purchase. Don't let realtor pressure you Liberal_in_LA Jan 2016 #26
Consider Credit Union financing BlueCollar Jan 2016 #28
Just, congratulations! My Good Babushka Jan 2016 #29
Pre home purchase inspection! and have a scope of the sewer/water lines (trees need water) irisblue Jan 2016 #30
Don't overspend jehop61 Jan 2016 #31
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