What Issues Should I Consider When Buying a Home?
Buying a home is one of the biggest financial moves that you will ever make. There are a number of issues that you should be aware of, including how the costs of purchasing and owning a home will impact your overall financial planning goals.
In this checklist, we cover a number of financial issues that you need to consider when buying and owning a home, including:
- Cash flow issues, such as the costs to maintain the home once you own it, the impact that owning a home will have should your spouse need/want to stop working to raise children, as well as how long you intend to live in the home.
- Financing issues, including your debt ratios, qualification for advantageous mortgage terms and/or special lending programs (e.g. VA loans), and the loan application process.
- Income tax and estate planning issues, including mortgage interest deductibility, basis tracking, and how to properly title the home.
- Insurance issues, including property and casualty policies, and appropriate levels of life insurance coverage.
Click here for a comprehensive checklist of the types of issues that you should be considering before purchasing a home. People are not always fully aware of the financial ramifications of such a major decision, and it is my role as an advisor to ensure that you are equipped to deal with these issues, allowing you to enjoy home ownership to its fullest.
If you have any questions or would like to talk about these issues in detail, feel free to reach out or click here to schedule an introductory consultation.