Click on these questions for more information.

 

1. Are we making enough money?

2. How can we find out if we can afford to buy a house?

3. Can we afford to take care of a house after we buy it?

4. How can we save money by owning a house (i.e. tax
break)?

5. What will we have to pay for after we buy (i.e. the mortgage every month)?

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Answers:

1. Use an income calculator to see if your income is enough to get the kind of house you want. You can look at some ways to budget and save for a house. This is a debt consolidation calculator.

2. Before you decide on a new home you should get pre-qualified for a loan from the bank. You can also talk to a housing counselor to find out if you can get a loan. Use Home Advisor to check the price range of a house you can afford.

3. Before you buy you can ask a professional home inspector to check the house. You may need about 1% of the purchase price for repairs.

4. When you buy you can get income tax advantages. You can also read about some other benefits: saving money, stable housing costs, etc.

5. But you will have to pay property tax, insurence, utilities and other expenses.