If you are one of those perennial renters who are now thinking of making that major move of home owning, there are pitfalls you would want to watch out for that are not very obvious to the naked eye. For this, it is wise to consult the experts in this uncharted field to help you in your decisions. Find yourself a good real estate broker who’d be sympathetic to your financial condition and would help you thresh out what sort of a house is locally available to you that you is within the reach of your budget.
A good real estate broker is useful for helping you make wise decisions in home owning on a limited budget. He would be one who would walk you through the entire, seemingly complicated process of the world of real estate and give you a simplified but extensive version of everything so you would be educated, aware and not one to make any foolish misstep that could result to unseen, expensive traps of financial devastation. He will look out for you, that you won’t be drained of all your resources without an eye out for the contingent expenses in favor of this one major move in your and your family’s life. If he is an honest, involved broker, he will even recommend and help you get owner financing.
Your broker would help find the most affordable payment scheme for you, and not advise you to get a hefty bank loan for your purchase if he thinks you would not be able to afford it in the long run and leave you out in the cold when you default in payment. Many mortgage plans have been proven unwise to adopt for such a big project because of unforeseen circumstances, like if you would be out of your present job, for example, that you have not prepared for.
This is why it would be wise for you to involve your family; define to them what each one of you can and cannot do from the time you sign the loan and/or the payment plan until the time the property is fully paid for. Go into details if you need to, to make the younger ones appreciate what “change of lifestyle” means. They should understand that home owning is no joke and it would require some compromises in the lifestyle that your family may have gotten used to. If there are any objections to this major adjustment in lifestyle, or any slight indications that you, your wife or your kids wouldn’t be able to sustain his or her part of the deal, then home owning is not for you — nip it at the bud before it blossoms.