{"id":576,"date":"2016-01-11T15:15:11","date_gmt":"2016-01-11T23:15:11","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=576"},"modified":"2016-01-11T09:18:54","modified_gmt":"2016-01-11T17:18:54","slug":"your-guide-to-protecting-your-finances-when-buying-a-house","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/01\/your-guide-to-protecting-your-finances-when-buying-a-house\/","title":{"rendered":"Your Guide to Protecting Your Finances When Buying a House"},"content":{"rendered":"<p style=\"text-align: justify;\">Buying a home is often a confusing process, because there are a lot of different financial factors that come into play. Most people buy a home as an investment in their future, and owning a home could end up potentially costing you more than renting would. It\u2019s best to think of your new home as an asset you are paying into.<\/p>\n<p style=\"text-align: justify;\"><strong>Consider Closing Costs<\/strong><br \/>\nClosing costs on a $400,000 property could cost as much as five years of rent. In some cases, the seller will cover half of the closing costs. Buy a home you plan to live in for a while. This will make sure you don\u2019t end up losing more money across the long run after the sale closes.<\/p>\n<p style=\"text-align: justify;\"><strong>Look at All Your Loan Options<\/strong><br \/>\nLarger companies like Quicken loans often provide better rates and small companies may make it easier for you to obtain a loan, but the interest rates are often much less competitive. Make sure you completely understand the terms of the loan before you sign anything. There are many types of mortgages, but the general principle behind most is that shorter loan terms have lower interest rates and higher monthly payments.<\/p>\n<p style=\"text-align: justify;\"><strong>Consider Maintenance Costs<\/strong><br \/>\nA lot of renters don\u2019t realize they are responsible for fixing all the property when they own a home. This is often offset by the fact that you\u2019re paying into your mortgage every month. A lot of people end up making a huge profit when they do decide to sell their home while some lose money. A lot of businesses specialize in professional inspections. You should have a potential property inspected before you put in an offer. You may end up losing a quarter of your investment because the pipes beneath your property need to be replaced. A lot of people prefer condominiums because they only pay a monthly fee to have the external areas of the property maintained.<\/p>\n<p style=\"text-align: justify;\"><strong>Property Taxes and Insurance<\/strong><br \/>\nProperty taxes vary based on the state. They\u2019re almost always determined by the fair market value of the property. Insurance also requires quite a bit of cash. Homeowners insurance is usually required as part of the terms of a mortgage. Different types of insurance may be required and insurance rates tend to be much higher for beachfront properties.<\/p>\n<p style=\"text-align: justify;\">Buying a house may be the biggest and most important investment you ever make. It\u2019s better to wait for a good buyer\u2019s market since buying a home with a cheap market value is a good way to ensure your home remains affordable a long way down the road.<\/p>\n<p><a href=\"http:\/\/realtybiznews.com\/your-guide-to-protecting-your-finances-when-buying-a-house\/98731367\/\" target=\"_blank\">Your Guide to Protecting Your Finances When Buying a House<\/a> by Brooke Chaplan | Realty Biz News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buying a home is often a confusing process, because there are a lot of different financial factors that come into play. Most people buy a home as an investment in &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/01\/your-guide-to-protecting-your-finances-when-buying-a-house\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-576","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Your Guide to Protecting Your Finances When Buying a House &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2016\/01\/your-guide-to-protecting-your-finances-when-buying-a-house\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Your Guide to Protecting Your Finances When Buying a House &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Buying a home is often a confusing process, because there are a lot of different financial factors that come into play. 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