Musings of a Burbank CPA: Things to Think About When You Buy a House

If you are tired of renting and are planning to buy a house in the near future, there are some things to seriously think about before buying:

1. FIGURE OUT WHAT YOU CAN AFFORD:   Figure out all the monthly expenses that will go into the house; always remember the mortgage, real estate tax, utilities, association fees (if any), insurance, plus repairs and other potential emergency items.  Also figure a down payment on the house to reduce Private Mortgage Insurance plus the mortgage payment before buying a house.  Be sure to figure in any tax savings from real estate tax and mortgage interest deductions to reduce your monthly expenses.

Put it all together and see what you can actually pay for a house within your budget.

2. CHECK OUT THE HOUSE PAPERWORK AND OTHER ITEMS:   As well as a home inspection, make sure all renovations are permitted and all other items are in order.  You need a good realtor who can check out items on the MLS, then follow up with associations and other organizations before you get in too deep.

3. PICK OUT A HOUSE YOU LIKE:  Buying a residence you don’t like owning just to buy something is a big long-term mistake.  Make sure you not only like the house, but the neighborhood as well. (Sometimes you can like the house a little less if you love the neighborhood, especially with shopping and schools nearby.)  

4.  MAKE SURE YOU DON’T OVERPAY FOR A HOUSE:  Another reason to have a good realtor is that they can get you more information so together you can figure out if the house you are looking at is over or underpriced.  

The key is to get a house you like in a neighborhood you like at a price you can live with within your budget. 

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Email: bstonercpa@sbcglobal.net  Phone: 818-317-6035   Website: www.briantstonercpa.com

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