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Home Buying: Money
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When you buy a home, a title company examines the chain of titles (previous owners) to insure that there are no problems with obtaining clear title to the property. Parties other than the current owner of the home may have rights to it for things such as mortgages, liens due to unpaid taxes, lien claims by those to whom the owner owes money, et cetera. As the new owner, you will have played no part in accruing these liens but you will still be vulnerable to claims on your property. A deed is not sufficient protection. That's why title insurance is necessary.
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PRNewswire - Many consumers will enter this year's spring home buying season with a new tax deduction that can put extra money in their pockets when they file their taxes next year. The reason: a new federal tax deduction allows many qualified families to write-off premiums for private and government mortgage insurance on loans that close in 2007.
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The home inspection is a critical part of your home buying process. With a good home inspection under your belt, you'll sleep better at night knowing you've invested in a "healthy" home. But if you buy a home without an inspection, you're investing a lot of money into an unknown variable.
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You can include an inspection contingency in your purchase offer to protect you from buying a money pit instead of the dream home you've wanted. In fact, there are a number of contingencies that can be included in an offer to guard your interests in case something doesn't turn out as expected.
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After you buy a home, here is a budget for things you will need to buy to stock the home. Many new home owners don't think about the hidden costs of home ownership or what they will need to buy after closing. You can save money by following this advice on buying the basic necessities.
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[O]nly 5 percent of respondents view their current home strictly as part of their financial portfolio, compared to 67 percent of respondents who consider their home a 'home' first. When asked if they could sell their current home and get more 'home for their money' without affecting their current lifestyle, 53 percent said they would not move or were not sure."
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