* 1. Determine the costs of home ownership (down payment, mortgage payments, insurance, real estate taxes).
* 2. Analyze your income relative to the monthly expenses of owning a home. If you're dependent on two incomes to maintain and pay for the house, analyze what would happen if one income were lost.
* 3. Analyze the tax benefits of ownership versus the cost of renting.
* 4. Consider why you're buying the house. If your reasons are strictly emotional ("I want my own place"), you may not be able to justify the financial burden.
Abraham Martinez
Comments