Tuesday, September 11, 2012

To buy a home or not to buy a home that is the question.....

I know what your thinking..." how is buying a home a budget saving idea"? Well i'll tell you why , Millions of Americans are renting apartments, town homes and even houses, i know because I was one of those people. For a very long time i thought that I could never buy a home it's way to expensive and it's such a huge debt! Its normal to think that way when you are spending hundreds of thousands of dollars but.... it doesn't have to be that expensive. For example, we were renting a town home in Orem, UT in not one of the greatest of neighborhoods. Well we were paying $615 a month which is really inexpensive considering i'm from California and the rent is outrageous there! But when we were looking for a home we figured out how much we could afford each month with just my husband working and we came to the conclusion that we could only buy a home for 120,000 or less. which by the way folks is very possible. With the economy and housing costs now, you could easily find a home for this price! Our mortgage is $710 a month, we have .19  of an acre and 3 bedrooms. You just have to look and don't spend more than you can afford. Figure out how much a month is doable and go from there. Allot of people are making the mistake of spending way to much on their houses and they end up not being able to afford them and loose them. Which is very sad! i would be crushed to loose my home. I know they are too! The lady we bought this house from originally bought it for $140,000 and we got it for $95,000 that's how much the economy has dropped. Also when you are looking for a home keep in mind that for every thousand you are spending your mortgage is $6.00. That will help you figure out your mortgage payment. Also look for short sales , right now in every state there are a ton. Short sales, although they sound easy, aren't. It may take several months to close but.... you will be paying allot less for the home than if it weren't a short sale. Also when i was talking to my loan agent he said as long as you have 650- 680  credit score and above, you should be able to buy a home no problem. Allot of the people I know pay way more for their rent than i do my mortgage, which is why this is a budget saving idea! It also gives you a wonderful investment that your family will very much appreciate in the long run and a place where your memories will grow throughout the years. Well that's your budget saving tip for the day! See you tomorrow ... night night

                                                                 Our home

                                                Our backyard

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