Finding an Affordable Home

An affordable home is not just one you can purchase today. It is one you can maintain properly in years to come. Many home buyers make the mistake of over-extending themselves to purchase a property and then failing to protect their equity. When this occurs, the financial stability promised by home ownership is threatened.

The Cost of Ownership

The cost of home ownership includes not just mortgage but taxes, property insurance, utility payments, municipal services and mortgage insurance. Each of these bills will flood into your home once you purchase the property. All must be accounted for when determining how much house you can reasonably afford.

The Cost of Maintenance

If you stretch yourself too thin to afford a home, you will not be able to meet maintenance demands. For example, your emergency fund may be called on when you have a leak in your roof, your dishwasher breaks or you discover a termite problem. Deciding to neglect these items would compromise the value of your property, resulting in lost equity. If you cannot afford your home, you will have to choose between dealing with these issues and paying your mortgage on time. This is not a choice any homeowner would like to face.