Renting vs Buying a question many are asking.
If you're a renter then chances are you have dreams of owning your own home one day. You want to put those rent payments towards something you'll eventually own, and the closer you get to finally achieving the goal, the better you feel. But, while you're saving up for that down payment, are you doing anything else to prepare? Take a look at the following tips to help you get closer to finally owning your own place!
LOOK AT YOUR CREDIT SCORE IN THE EYE
If you don't already know what your credit score is, then it's important to become familiar with it. Most lenders won't give you a decent loan if your credit isn't in shape, and that's why you need to know what your score is. If it's not where you want it to be, then try to take out credit accounts so you can start building better history.
LEARN ABOUT BEING A HOMEOWNER
A lot of people are surprised to learn that being a homeowner comes with a lot of expenses.
Some Homeowner costs are….. UPFRONT & CLOSING COSTS like Earnest money , Down Payment, Home Appraisal, Home Inspection, Property Taxes and Other Closing Costs. As a rule of thumb, you can expect your total closing costs to range from 2% to 4% of the purchase price.
Homeownership also involves many recurring costs like Loan Payments, Property Taxes, Homeowners Insurance, Utilities and Maintenance.
SPECIAL OR ONE-TIME COSTS
Homeownership also comes with somewhat less-predictable costs that occur only once or at irregular intervals like Furnishing, Moving Costs, Repairs and Home Improvements and Renovation Projects.
For a quick comparison and more information please go to http://binurajaratnam.ca/blog
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