Buying a home is a big deal. It can be fun, exciting and even a little scary because chances are, it’s the most expensive thing you’ll ever buy. I’ve done it four times and I’ve learned some valuable lessons I’d like to share.
First and foremost, make sure you’re really ready to take on the financial responsibilities of owning your own home. Are you prepared to pay for all the upkeep, improvements and repairs that come with owning a home? You may start out thinking that your mortgage payment will be less than your current rent, but when you add on the taxes, insurance, and maintenance costs, that’s usually not the case. And keep this in mind: if you think you may get a job transfer, go back to school or need to move within the next five years, renting, instead of buying, may be the smart choice.