It’s the early years of home ownership that can make buying a house challenging. Closing costs, interest, property fees and home repairs are among the major challenges.Many people prefer to take on these challenges during their early adult years. Vigor and a fresh approach to home ownership aid with roofing, landscaping, flooring and appliance maintenance work.

Buying a house during your middle years could work

Buying a house during early adult years also gives you more time to pay off a mortgage. Take on a mortgage later in life, and you could end up making higher monthly mortgage installments. Plainly put, buying a house near retirement could cost you big, financially and physically. It could also help you to save on monthly housing costs.

You could save money on monthly housing costs because owning a home might:

  • Eliminate your need to make monthly housing payments. For example, you won’t have to pay monthly rent. Pay your mortgage off early, and you could eliminate monthly mortgage payments from your budget.
  • Offer you the space and legal rights to rent out one or more rooms at your home.
  • Position you to receive tax advantages, money that you could use to add to your house’s value or invest in your personal retirement.

Because lenders are not allowed to discriminate, you could be approved for a mortgage. Ask your mortgage broker or realtor about mortgage amortization schedules, homeowners association fees and property taxes. Also, find out how much houses in areas you’re thinking about buying a house in are worth and how the property values have lowered or risen over the last several decades.

Property value trends in areas you want to buy a house in are important

Buy a house that has value that matches or exceeds what you pay for the house and you could earn a profit should you decide to sell the property 10 to 15 years later. Go with a 30 year mortgage and you could be responsible for paying lower monthly mortgage installments.

Just because you took out a 30 year mortgage, doesn’t mean that you have to make payments for 30 years. You could pay your mortgage off in 20 years or less. That could put you in a position to reside in a house with only utilities, general maintenance and property taxes to pay.

Open to the idea of taking in renters and you could generate enough rent to cover the entire costs of your mortgage. Vet all potential renters thoroughly before you pursue this option. As it regards renters, you could also rent out one or more rooms at your house to your grandchildren while they attend college or after they graduate. Rent out the space at a lower rate than apartments rent and your grandchildren could appreciate the deal.

Above all, make sure that you can readily afford to take on a monthly mortgage. Don’t just ensure that you can cover a monthly mortgage. Also, ensure that you can continue to invest in your retirement.

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After you complete a condo inspection, you’ll need to make a major decision: Should you move forward with your condo purchase or rescind your offer?

Ultimately, there are several important questions to assess before you finalize your decision on a condo, including:

1. What was discovered during the property inspection?

Study the results of a condo inspection closely. By doing so, you’ll be able to learn about a condo’s strengths and weaknesses and plan accordingly.

A property inspector will evaluate a condo both inside and out. He or she also will provide honest, unbiased feedback, enabling you to make an informed decision about how to proceed with a condo.

Take into account major and minor condo problems that a property inspector discovers. And if this inspector finds minor flaws associated with a condo, you may want to stay the course and move forward with your initial proposal.

On the other hand, if a property inspector finds significant problems with a condo, i.e. issues that may prove to be costly and time-consuming, you may want to consider rescinding your offer. Or, in this case, you can always ask the condo owner to complete property repairs before you finalize a condo purchase.

2. How much will it cost to perform assorted condo repairs?

The costs associated with condo repairs will vary. However, if you allocate the time and resources to learn about condo problems and the costs associated to fix these issues, you may be able to avoid expensive, time-intensive mistakes.

For example, consider what might happen if a property inspector discovers a defective kitchen light switch in a condo. Although this light switch is a problem, the time and costs needed to repair or replace the faulty light switch likely are minimal. As such, a condo buyer may choose to ignore this problem, or a condo owner may be willing to complete the fix quickly.

Conversely, consider what could happen if a property inspector finds that a condo’s furnace is defective. It may cost thousands of dollars to fix or replace a faulty furnace. As a result, a condo buyer may ask the property seller to repair or replace the defective furnace. And if the condo owner fails to do so, a buyer may choose to walk away from the condo purchase altogether.

3. Can I enjoy this condo both now and in the future?

It is essential to consider both the short- and long-term ramifications of a condo purchase. That way, a condo buyer can determine whether a property can serve him or her well for years to come.

A property inspection offers valuable information that a buyer can use to assess the pros and cons of purchasing a condo. Furthermore, a condo buyer who works with an experienced real estate agent can get the support needed to make the best decision possible.

Consider the aforementioned questions as you evaluate your options following a condo inspection, and you should have no trouble deciding whether a particular condo is right for you.

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