Buying a home is one of the most exciting events in your life. If you are currently renting and thinking about buying your first home make sure you are ready before making a commitment. Here are some important things to consider:

• Have you saved enough money to support a down payment? It is critical that you consider the down payment in addition to your other debts. To determine how much you can afford, you first need to know your monthly income. You also need to calculate your monthly expenses, include all debts such as credit cards, car loans etc. There is a simple worksheet available in most real estate offices.

• What will the estimated monthly payment be for your home? Be sure you figure a realistic total that includes principal and interest. It should also include taxes and insurance. In some purchases it will also include association fees. It is always better to estimate on the high side.

• Look at all of the additional costs of home ownership. Be realistic about the cost of heating, cooling and other utilities for your home. Budget in the estimated cost of home repairs and maintenance, this is especially important if you are buying an older home.

• Be confident that you can afford the monthly payments. Have a financial plan and a budget for your household. Consider all long-term debts like car loans or credit card payments. Do you have enough budgeted if your interest rate increases in the future? Keeping your payments affordable is the best way to avoid foreclosure or financial problems.

If after reading the above information you have determined that buying a house is right for you CONGRATULATIONS! Let’s start shopping for your new home today.