Money Talk Matters

From what I read President Barack Obama signed a bill Nov. 6 that extends the $8,000 first-time homebuyer credit until June 30, and makes some current homeowners eligible for $6,500 on a new home purchase. That is good news.

It is a great thing to be a homeowner and it is important to know how to purchase a home and not go into thinking you need to compete with the Jones. There are probably many families right now that were under the impression they needed to compete with the Jones that are having a difficult time based on the economy.

What is one of the first steps you can take in preparing to become a homeowner. If you have six months to a year, sit down and budget what you are paying for your current place of residence and what you are willing to spend to become a homeowner. I remember when my husband and I were preparing to become homeowners, we took our time driving through and looking at the different neighborhoods, housing developments and did not get swayed by what people said.

For us it was not about what the lender wanted us to spend, it was about us not being “house poor”, deserving to own a piece of the “American Dream” and enjoying it. So take the time to make the budget and be realistic. If you are in a rental situation and have not had to pay utilities, then you need to have a line item for the budget when you looking at home buying costs.

You can also contact the local utility company and ask them what is the average utility cost during the winter and summer months. This will give you an idea of what you can expect. To receive more information on home buying costs from A to Z on becoming a homeowner, I invite you to get your copy today of Amazon.com Bestseller Homebuyer’s Helper (How to Have and Hold on to your House) via http://www.moneytalkmatters.com/products