Financial Topics New Homeowners Must Consider

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Before buying a new home, one of the biggest concerns and deciding factors for homeowners is likely the cost - what type of down payment is required? How will interest rates affect the mortgage in the years to come? Though these are pressing questions that must be considered before making any deals and receiving the keys, there are several other financial topics that need to be addressed, even though they may not be the first thing that comes to mind during the buying and selling process.

If part of your plans for 2015 include becoming a first time homeowner, we want your experience to be a smooth one. That's why we've put together the following list of things all new homeowners must take into consideration as they get ready to buy a home:

Paperwork: Like most other large purchases, buying a home requires lots of paperwork to be filled out. However, in this case, there are often fees attached for doing so. For example, while you might be prepared to pay for your mortgage each month, you must also be prepared to pay for any fees that come with applying for the mortgage. Additionally, the act of processing papers for the sale of the home, including documents such as deeds and titles, also requires costs and must be accounted for when budgeting.

Improvements: As you tour potential homes to determine which is right for you, it's likely that there will be bits and pieces of each that you want to tweak in order to give your home the personality and style you always hoped it would have. But, though they may be minor, it's important to realize that even small improvements here and there will start to add up. When working on budget, it's essential that all new homeowners factor in the potential for improvements, including those that may come as a surprise during the home inspection or shortly after moving in.

Inspections: Speaking of improvements and more specifically, the home inspection, keep in mind that having an inspector come to the home is an added cost as well. Although everything might look safe and secure in your eyes, there may be serious damage elsewhere that only a professional can detect. Since the inspection is such an important part of the process, and ultimately the part that determines whether or not the home is move in ready (or livable for that matter), a good portion of your initial budget should be dedicated to it.

In addition to the above, you must also always expect the unexpected and make room for hidden or last minute costs - when it comes to buying a home, anything is possible!

At American Investment Planners LLC, we know what an expense a home is, and we also know what an investment it is! Which brings us to our next point - did you know that we specialize in all types of financial planning to help clients protect their assets and investments? For more information about our wide variety of financial planning services, please visit us at www.americaninvestmentplanners.com or give us a call at (516) 932-5130 today.