Owning a home has always been the American dream, but unfortunately the ever-changing economic climate can have an affect on the buying and selling of homes. The real estate market is always changing, so if you’re interested in home ownership, you’ll want to stay on top of potential properties, and if you find a home you absolutely love, don’t hesitate to make an offer. If you wait, the price could increase, or it could be snapped up by another buyer.

Home ownership begins with taking a long, hard look at your finances, and determining your budget not just for the short-term, but for the long-term. You don’t want to get locked into a mortgage that you won’t be able to afford three years from now. But likewise, if you’re in a comfortable spot financially, and you have a substantial amount of money in savings, you may be able to afford more than you originally thought possible.

Take the time to learn about not just the principal cost of a home, but the associated costs of home ownership – these include, but aren’t limited to, the interest rate on your mortgage, homeowner’s insurance, and money for repairs and unexpected issues (such as the hot water heater breaking in the middle of January). You’ll also want to have money available for a down payment, and money to cover closing costs and moving fees. Click here to learn more about buying a home.