You’ve finally reached a point in your life where you plan to be in the same place for longer than a 12month lease. Instead of making rental payments on a monthly basis, you want to earn equity as you go and eventually end up with a permanent roof over your head. (We at ABODO will miss you, but we understand.) But rent doesn’t translate into mortgage on a simple 1:1 ratio — a lot more goes into the transition than you might think, from the upfront costs involved to what happens if your dishwasher malfunctions and spews food flavored water all over your floor. As you prepare to pick up the torch of home ownership, keep these five things in mind, and you’ll be just fine.
1. There’s a lot more to pay for upfront.
2. Monthly payments go beyond mortgages.
3. If you don’t have your emergency funds set aside yet, now is the time.
4. You are your own maintenance crew.
5. Your neighbors are forever (or at least for quite a while).
Blog post courtesy of Abodo.com