Plan Early So You Can Buy A Home You Want
My parents were some of the worst financial planners ever. Seriously!
When they gave up my grandfather's rent controlled 2 BR apartment in Washington Heights because it would be a hassle to sublet, that's when I knew not to listen to them.
But that meant learning for myself.
At least I made my mistakes early, including buying a house that was bigger and carried more taxes and monthly upkeep than I could afford with a higher interest mortgage. Now I know better what I can afford and what I can spend.
Here are some things to think about when buying a home, so that you can have an awesome purchasing experience!
Home Purchase Checklist
- What is the most you can comfortably pay per month?
- How much money can you put down? The more, the better.
- What size space do you really need long term?
- How comfortable are you with renovating and the possible monetary and time costs involved?
- What neighborhoods do you like?
- How are the schools?
- What are taxes like? Insurance? Utility costs? Maintenance fees (if you buy into a condo or coop)?
- Then consider costs of furniture, appliances, possible electrical upgrades, possible water filter upgrades.
- And then put something away in case the washer breaks, there is a bad storm, or you have a leak and the bathroom needs new tiles. (All of which happened in our first year.)
To stress less when buying a home, plan more and save more! If we had done that, saved for the sunny days and not just the emergency rain, and bought smaller to cut costs, we would have been fine.
Sunny Days start here. At SunTrust, they have the tools and resources to help you achieve your sunny day. Start here to find out how they can help you enjoy the things that matter to you.
At SunTrust Bank their purpose is lighting the way to financial well-being. When you feel confident about your money, you can save for your goals and spend knowingly on what matters most to you. They know we all live for the sunny days and want to you help you live yours.
For even more sunny day inpiration visit yoursunnyday.com
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This is a sponsored conversation written by me on behalf of SunTrust Bank. The opinions and text are all mine.