preparing for home ownership
Make a Financial Assessment
Having a financial plan is the first step to successful homeownership. Begin by reviewing your personal finances:
How much income do you have coming in each month?
How much do you pay out monthly for living expenses like food, utilities, and transportation?
How much do you owe on credit cards, loans, or other debts?
If you currently worry about making ends meet, you may need to learn to live on less in order to afford a home. Take a look at where your money is going. Are there ways to cut back on expenses? For example, you might downsize your cable or phone package - or take a brown bag lunch to work each day instead of eating out. Small changes in habit can lead to big rewards.