| If you are a first time home buyer and quite eager | | | | local insurers in order to get the exact amount of |
| to get your new home, here is a list of seven steps | | | | insurance. Getting details about property tax is |
| you need to follow before you take the plunge. | | | | comparatively simple. Zillow provides information |
| 1. Are you sure you are getting a house at a price at | | | | about property tax in all the areas around the world. |
| par with prevailing real estate rates? No one can | | | | It's also important to make note of the exemptions |
| actually be very sure about it. Hence, it's advisable to | | | | and complexes of local tax system. Many areas can |
| check home rates in your area on websites like | | | | help you save lots of money spent as tax. |
| Homegain and Zillow. Here, you will get a clear idea on | | | | 4. Determine how much amount would be spent as |
| how much you must pay in order to own a home. | | | | settling cost. This cost comprises of tax and |
| Another trust worthy site is the one developed by | | | | insurances, lender fees, settlement and title fees, and |
| National Association of Realtors. | | | | prepaid fees like homeowners association fees. |
| 2. Most of the First time home buyers find it quite | | | | 5. Before shifting to the new home, First time home |
| difficult to repay the mortgage because the monthly | | | | buyers must set up a budget. According to Fannie |
| payment is too high. This happens due to inadequate | | | | Mae, spending more than 30% of your income as |
| research and inefficient planning before getting a | | | | household expenses can expose you to the risk of |
| mortgage. Make use of mortgage calculator provided | | | | being house poor. |
| by Bankrate to work out how much you can afford | | | | 6. Get as much information from the real estate |
| to repay every month. | | | | agent as possible. Learn about the local climate, rise |
| 3. First time home buyers must also add housing cost | | | | and fall in prices, etc. |
| in their planning list before owning the home. You | | | | 7. House is definitely an investment. However, not |
| must calculate how much home owners insurance | | | | maintaining this investment appropriately can prove to |
| and taxes would sum up to, to get the approximate | | | | be a costly affair and can be more expensive than |
| monthly spending amount. This sounds insignificant, | | | | the investment itself in the long run. |
| however it's much important than one's perception. In | | | | Hence, jumping to a decision without proper |
| some areas, taxes can almost double the amount of | | | | precaution can land you in trouble. It's advisable for |
| mortgage. | | | | first time home buyers to follow these steps before |
| To know how much insurance can cost, you can pick | | | | actually become a first time home buyer. |
| up any property in the desired area and call up the | | | | |