Friday, March 4, 2011

Guidelines in Owning a House

Many of us look forward to owning our very own house and even consider them as an investment. Others, however, would say that a house is not much an investment as it is a liability, incurring for owners debts and expenses that can take decades to pay off. Below are some tips on buying or owning a house.

  • don't spend more than 40% of your monthly income on the amortizations for your home. Don't reach out for the stars if it will kill you financially.
  • Investigate different types of mortgages. There are many types of mortgage options. Check what's best before deciding.
  • Buy a house that needs repairs. Buy it cheap and you can add value with the repairs. This will save you money.
  • Deal directly with the seller. This will save you agent's fees. If you want to use an agent, make sure you're calling the shots and the agent is on the same page as you.
  • Negotiate the selling price. Home prices are almost always negotiable. So haggle. Offer a price that's a few percentage below its asking price.
  • Refinance your mortgage. If you can cut at least 1% on your mortgage, then refinance it.
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