Home Ownership Questions

So you think you’re ready to jump into home ownership. That’s good. I’ll always encourage people to take a look in that direction. But before you do, ask yourself these 16 questions.

1. Is my income steady? You’ll need at least a year of proof of income, but I recommend that you have had the same job for at least three years.
2. Is my credit good?
3. Do I have enough money for a down payment? At a minimum, you’ll need 5% of the home’s purchase price.
4. Do I qualify for a loan?
5. Will it cost more to buy or rent? In some areas of the country, it could cost more to rent.
6. Do I need a real estate agent? In most cases, the answer is “yes.”
7. What size house do I need?
8. How close does my home need to be to my work?
9. Do I need other amenities? For instance, a swimming pool, a tool shed, a dog house?
10. What is the crime rate in that neighborhood?
11. How are the schools?
12. What is the median income in that neighborhood? By knowing the median income, you should be able to determine whether you can afford to live there.
13. How much will property taxes be?
14. What kind of insurance will I need and what will it cost?
15. Is the title free and clean?
16. Are there any liens on the property?

Ask the right questions and you’ll get the right answers. Don’t pass up an opportunity to buy the right property.

This info is from my friend Marvin Strong, Thanks for the help