number of bedrooms/bathrooms, a garage, a yard, a basement, etc.) and what you can afford. You can figure out how much you can afford using online calculators that consider many different variables. In general, when it comes to conventional loans, expenses related to your home should never exceed 28% of your gross monthly income, says Susan Tiffany, a retired director of Personal Finance Publications for Adults for CUNA (Credit Union National Association). (source: Bankrate.com).
HOW TO GAIN AN ADVANTAGE
While there are many benefits to renting a place over buying your own home, the advantages of owning outweigh the advantages of renting. Renting is sometimes the necessary choice, depending on your situation and needs, but it’s generally considered a short- term housing solution. The bottom line is that in the long run, owning your home has more advantages than renting one. It’s in your best interest to take the plunge and begin the home-buying process, as daunting as it may seem at first. I promise it will be worth it; there’s an intangible satisfaction that comes with owning your own home, a sense of accomplishment and independence, and with the right real estate agent at your side, you can be sure you will find the best home for you at a great price. The key is to be prepared, and if you’re not, then figure out what you need to do to get there. Hopefully this chapter helped you to get an idea of the benefits of homeownership and how you need to prepare. Keep on reading to discover more insider secrets
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