Lindenhurst NY Home Buying - First Time Home Buyers - There Is More To Pay Besides Your Mortgage!
It's always a good idea to have at least 1% of the purchase price saved for surprise expenses. Believe me, there will be surprises! It would be better to have upwards of 3% saved but most buyers are lucky to have $1.00 and a cup of coffee left over after closing costs.
One thing that will help is if you received the $8,000.00 tax credit check, put it right into your savings account and pretend it's not there. Refer back to your home inspection report and that will tell you what you may need for the first few years and beyond when it comes to future repairs. Be prepared for those expenses now and it will save you headaches down road.
Make a budget for repairs. Do not count on borrowing money for repairs. Banks have really tightened up when it comes to Home Equity Lines of Credit.
Do not ignore those "little" repairs. Like a loose or broken kitchen or bathroom tile. When water gets in those crevices, you can end up with water extensive water damage down the road. It's better to spend $150.00 now than spending a few thousand later.
Buying a home is one of the largest investments you are going to make. When you plan things out carefully, it can be a great asset. With no or very little planning, your home will end up being a huge burden on your shoulders.
Have a Happy and Safe New Year!
Cell: (631) 703-0201
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Email: JackieC@century21aa.com
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Jackie: I like this post so much I think I'll reblog it. Hope you have a good time ringing in the New Year. See you in 2010.
You just don't give up, do you Jackie? It's NYE, and here you making another incredible post. Now you know what I have to do? Yes, reblog it! Happy New Year, my AR BFF!
Hi Chris Ann! Thanks for the re-blog and have a Happy New Year!
Hi Ruth! Yeah, I'm a pain aren't I???? Thank you for the re-blog and Have a Happy New Year my AR BFF!
You both better be up until 12 tonight. No excuses! And that goes for the rest of you! :)
Hi Jackie:
Great information and advice to buyers!
Well done.
I'll have to re-blog this also...let's keep it going!!!
Hi Toula! Thank you for re-blogging :) Have a Happy New Year! :):):)
Jackie- Excellent tips. NOT spending the tax credit would be a far better idea, but I sense most of my clients have already spent that money before they even get to the settlement table!
Jackie- You are so right! I try my best to make sure buyers are aware of extra costs related to a home purchase. It's not very popular with some mortgage brokers but I have only had one home of mine go into foreclosure.
Hi Ellie, Thank you and you are right about it being spent before they get to the closing table. It's hard on first-time home buyers. We were there once ourselves. When I bought my first home, I made sure to have a decent amount of money in the bank after closing. That was back in '93 and homes were cheaper then though.
Hi Kim, We have to educate our buyers. I am not a mortgage professional and always tell my clients to seek out advice from them and from their financial planner or accountant.
You have a lot of re-blogs on this post, with good reason! I followed Steve Kappre's re-blog over to you. This is excellent advicec! So much truth and common sense. Awesome post!
Hi Lisa, Thank you and thanks for the re-blog. So many new homeowners never think of repairs that could arise down the road even when they read the inspection report. I think those reports are forgotten about until something major happens. Happy New Year!
Jackie, great post! This needs to be part of the conversation we all have with a first time home buyer prior to ever showing them houses.
Hi Sarah, Thank you and you are certainly right! I hope you have an awesome 2010!
Jackie-Good list, especially liked the part about addressing problems early so they don't grow and become bigger issues.
Thank you Wayne! I hope you had a Happy New Year!
Hi Jackie:
Just want to let you know that I just re-blogged this...
Hi Toula, Thank you for re-blogging it. Have a great Sunday! :)