Are you thinking of buying a home, but you just aren’t sure? There are no magic answers, but here are some things to consider.

Are you handy, or do you prefer having someone else do repairs?

If your home has a yard, you will either need to invest in lawn equipment or hire the work out.

Do you have the money for a down payment and closing costs? Closing costs vary but can run into thousands of dollars.

Is there an HOA? If so, what are the rules and the fees?

Property taxes – what are they and are they expected to increase?

If the property is an apartment or condo, what are the maintenance fees? What are the rules/regulations?

Monthly Payments

There are several mortgage calculators online, but in addition to the principal and interest, you must also pay property taxes and insurance. You may have extra fees too, such as HOA or maintenance fees.

Utilities – will you be paying more for utilities? When renting, some utilities may be included in the cost. When you buy, you pay for it all – water, electricity, gas, internet service, TV service. Be sure to check this out, because it can really add up. How energy efficient is the place you are considering? One of the things you can request from a seller is copies of their past utility bills.

New or Used?

Do you want a home that is ready to move into? Does it bother you to walk on floors that other people have walked on? Do you enjoy renovating? Do you have the funds available to do renovations? These are important decisions to make.

If you decide to buy, I definitely recommend getting a good Realtor. They can guide you through the process, explain all of the terms, and refer you to inspectors and contractors. Ask your friends and family for recommendations.