Are you Ready to Buy?
Buying a home is usually a tough decision. There are many factors that can influence that decision. If you have been renting, you may start to consider that buying is a better option. The monthly payments of the rent are not contributing to your future. The CEO of Riverside Abstract (see Riverside Abstract on Crunchbase ), the title insurance agency, based in Brooklyn, NY, gives you some factors to determine if you are ready to buy your own home. The financial aspect First and more important, you have to determine if you can afford to buy a home on your own. The first consideration you need to have is the money needed for the down payment. More often, it is required to put between 10 and 20% of the purchase price of the home as a done payment. Sometimes, you can negotiate for e lesser down payment. Another thing you have to consider, according to Riverside Abstract escrows, are the closing costs. They can vary between 3 and 6% of the home purchase price. In addition, proper