Tag: down payment

There are many advantages of home ownerships, but it ain’t all roses and peach n’ cream and such. Before making (probably) the biggest financial decision of your life, you should do your homework. If you don’t, your dream can very well turn into your greatest financial nightmare.

Let’s face this reality, some people out there have no business owning a home at all, ever. Most of you, however, will eventually buy a home and be perfect homeowners. You just need to do a little legwork and for some of you, address a few poor early 20’s life choices.

Home ownership, a vital element in what constitutes The American Dream, is certainly a blessing. Unfortunately it also contains the seeds of what can be financial misfortune, perhaps never more graphically depicted than in a 1986 Steven Spielberg movie, The Money Pit, in which a young couple experiences every calamity possible in remodeling a dilapidated house. To help aspiring homeowners avoid some common errors, I want to pass on five tips.

Are the two of you really ready to buy your first home?

I often help newly-married couples negotiate the purchase of their first home. They are always enthusiastic after driving through preferred neighborhoods and singling out those homes they identify as fitting into their price range. They have saved a down payment, they say, and are ready to not only look, but present offers. It is then that I offer them the following advice—a checklist—of eight practical steps to take before moving forward: