Buying your first home, or even your next house, is a big decision. It involves a lot of money, time and even emotion. The first step is to determine if you can afford a home. For many people, it’s a struggle just to come up with the down payment. That’s where we can help!
The NC Housing Finance Agency offers the NC Home Advantage Mortgage™, which can provide qualified buyers with up to 3% of the loan amount as a deferred, forgivable loan that can be used for down payment and closing costs. Find out if you’re eligible.
But paying for your home purchase is only the beginning. Once you’re a homeowner, keeping your house in good working order is crucial. Owning a home requires regular maintenance and paying for unexpected repairs. For example, you may need to have your exterior painted at some time. Or maybe you’ll need a new roof. Hot water heaters break and air conditioners die – usually in July! Do you have a plan to meet the ongoing costs of home maintenance?
Some home owners purchase home warranties. These are intended to cover items that break in a home, such as the microwave, refrigerator or water pipes (depending on the policy’s coverage). This is different than homeowners insurance that protects you – and your lender – against accidental fires, falling trees, and other unexpected hazards that might damage the structure of your home. And you might want to consider a special savings account for replacements and repairs not covered by a warranty or insurance.
So while you’re thinking about how you’ll purchase your new home, give some serious thought to your costs after you move in. Your home is one of your largest investments and it needs to be maintained just like anything else of value. Knowing what to expect is a key to a long and happy home ownership experience.
