Q: I have always rented, but now with the housing market having so many good deals, I am thinking of buying my first home. How much should I have saved and how much can I expect to spend
Q: I have always rented, but now with the housing market having so many good deals, I am thinking of buying my first home. How much should I have saved and how much can I expect to spend?
~ Anonymous
A: Congratulations on your decision. The following steps should help you decide how much you can afford to buy.
Tip: Home warranties are a tool to help manage the maintenance costs of systems and appliances. Fees for warranties can range from $400-$650 per year, depending upon the location and options selected. When an appliance or system needs a service call, your costs will often be limited to only a nominal service call fee.
Caution: There are often requirements that you maintain regular service calls on certain systems to maintain the warranty benefits. Read your warranty and make sure you understand what is or is not covered.
Good luck in your home search!
~ Deborah Madey
Deborah Madey is a Realtor/Broker with Peninsula Realty Group in New Jersey.
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Read the original post:
Making the Switch from Renter to Buyer