What other costs do I need to consider?
Of course, the mortgage will be your biggest long-term cost. But don’t forget about legal costs. Your closing costs will include some of those fees, but make sure you’re not forgetting about things like taxes and insurance. You won’t know for sure what everything is going to cost, but it is important to be prepared so you can save the money you need.
Budgeting with Success
The problem for most people is that they never start saving. If you’re going to buy a house, this is a very important step. Using a budget is the best way to begin.
Start simple. Write down what you spend and keep the receipts you buy. At the end of every month, you’ll be able to compare what you actually spent to what you set up in your budget. You can look for ways to cut your spending and save the money you need to make an even bigger savings move: buying a house!