Home ownership can be a personally and professionally rewarding endeavor where most Americans can raise a family, call a house a home and create wealth.

However, often  real estate professionals, mortgage brokers,  friends and family will tell you  things like

•  Don’t wait, buy now.
•  renting is a waste of money.
• Taking on debt is always o.k.
• real estate prices are going up
• you don’t need a down payment

Now,  these advisers likely have your best interest in mind. Often, their advice is spot on. However, they do not know your personal situation.

I am a big believer that home-ownership can be a great thing. However,

Here are 5 Home Buying Rules to live by to help you decided whether now is the right time for you.

1. Do you want to own a home. – there is no reason to buy just because everyone else says you should. Home ownership can be expensive, can tie up your money and can be filled with upkeep headaches.
2. Do you love the home. – Make sure you will be happy in your home for a long time. There is no reason to work hard to pay a mortgage on a home you do not enjoy.
3. Do not buy until you have at least 10%; however, I recommend 20%. – you will get the best fixed mortgage rates available and have no PMI (private mortgage insurance)
4. Buy a home you can afford – just because a lender will give you a mortgage does not mean you can afford the home. Make sure that there is extra money for utilities, bills and unforeseen events (job loss, health and medical bills, clothing, school, etc..) – you will not enjoy or last in a home if you take on additional debt just to pay your mortgage
5. Pay off debt, improve credit score, obtain best mortgage – the cost of money (your mortgage) can be as important as the price you pay. – take a little extra time to improve your health to obtain the cheapest mortgage

If you are planning to buy a home in Phoenix, Scottsdale , Paradise Valley, Peoria or any of the towns in Maricopa County, …

make sure you take your time, make prudent decisions, and follow these 5 important rules of home buying, …

you can have wonderful place to live, enjoy and call home; you will receive tax advantages, a hedge as a safeguard against inflation and build equity as you contribute towards your nest egg.

please speak with your personal and professional advisers before any decisions. However, also remember…

you are the best expert of your own money and personal financial situation. Only you can decided if home ownership is right for you.

———–

the following are the names of a few noted experts

—————————————————————————————————————-

Copyright © 2008 By James Wexler, All Rights Reserved. *5 Home Buying Rules to live by*

Contact James Wexler (480) 221-8080 for all your Phoenix Scottsdale area Real Estate needs.