Ready to Own Property?

by : Adeal Benhayoun

So, are you ready to make the leap into owning your own property? As many first-time owners quickly discover, home ownership is quite different from renting. Sometimes the additional responsibilities can be overwhelming, especially on a financial level. It is strange to go from paying rent to paying for a mortgage, there are so many additional costs involved in the day to day running if a home that some new owners cannot make their monthly payments, This is usually due to errors in budgeting.

It is good measure to set aside a fair amount of money at the outset to act as a slush fund or emergency fund. Hopefully it will not be necessary to use it, but you will sleep easier at night knowing that it is there. One way to avoid going over budget is to find out what the average bills were before you purchased the home, and then budget for several months ahead. Don't forget to factor in extra heating costs in winter if you are in an area where cold weather is a concern.

Another thing to keep in mind is when the property taxes will be due and having the money set aside to take care of them. Of course you will likely need to go and purchase a few things to help take care of your new property. Think about things like lawnmowers, garden tools, and cleaning appliances. Remember, you are the landlord now, so it's hard to call someone else every time something goes wrong.

The most important things to do when buying a home for the first time is to be sure that you have a good handle on your financial situation. This includes having a plan in effect for worst-case scenarios. Nobody likes to think about them but in the case of an emergency you still have to be able to pay your bills. Also make sure that you shop around and find the perfect mortgage plan that suits your needs and will continue to do so for the foreseeable future.