#homeowing

I’m sure you’ve noticed my continual urge for home buyers to acquire a home inspection prior to signing the contract. So what exactly does a home inspection cover?

*The exterior and construction: Do the siding, doors, decks, porches, the wall, balconies, etc. need repair? Is there any rotting wood anywhere?

*The interior: Are the floors level? Do the windows and doors function as they should? Do the appliances work? Are there any leaks anywhere?

*The basement, foundation, and crawlspace: Are there any water problems? Are there cracks that can pose major structural issues?

*The attic and insulation: Is there proper ventilation in the attic? Do unfinished areas have insulation?

*The plumbing: Is it properly installed? Is it in good condition? Are there any leaks anywhere?

*The electrical: Is there any problems with the electrical and/or the wiring? Are there any code violations?

*Heating and cooling: Are these systems in good condition? Is their power ample enough for the amount of space they cover?

*The fireplace: Is it in good condition? Are there any blockages that could cause issues?

Keep in mind that home inspections do not check for the following:

o   Asbestos

o   Radon Gas

o   Lead Paint

o   Toxic Mold

Yesterday’s Facebook post (www.wpfnj.me) revealed that home owning can add an additional $600+ to your monthly expenses, and this is on top of a mortgage payment and quarterly property taxes. But don’t be overwhelmed! Considering these costs ahead of time will serve to better prepare you for home ownership by ensuring that you’re more than financially ready to step into the shoes of a homeowner.

Today, do your own research: ask friends, family members, coworkers, experts, and anybody else that you deem fit to share their home owning costs with you. Reach out to those whose homes (lot size, bed and bath count) and family size match your criteria, so that their numbers can be comparable to yours. Then, strategize. With the goal of homeownership in mind, consider what you want to save up for, should you want to have more than just your down payment put aside. Do you want 6 months of your cost of living covered under a “just in case” reserve?  Maybe you want to keep a “home maintenance” stash for surprise repairs? Whatever it is, decide how much you need to achieve it, as well as how long you want to take to get there. Then, if you haven’t done it yet, create a mint.com account, where you can keep track of all your finances and make use of several handy features the site offers, like a custom savings goal creator, in which you can set a multitude of financial goals you want to reach. Need help with setting up a mint.com account? Email me at [email protected] for the complete “mint” how-to guide.

Again, try not to become overwhelmed by the costs of home owning if it’s something you haven’t considered before. The point is that now you know, and you can be in better control of the fate of your financial situation once you become a homeowner.