Money management key to successful homeownership
Money management is a sophisticated term for budgeting, which is a necessary skill for successful home buying and sustainability. Current interest rates are low and there are several down payment options for home buyers, making this an ideal time to purchase a home.
Success in purchasing a home requires financial capacity, planning, and education on the home buying process. Here are four real-life steps you can take to improve your chance of success: (1) leverage your financial capacity (in other words, take advantage of down payment programs); (2) negotiate for the seller to pay closing costs; (3) learn the duties and responsibilities required of the professionals involved in the transaction (lenders, real estate agents and brokers, appraisers, and property inspectors); and (4) plan for the upkeep of a home and your ability to sustain homeownership during difficult financial times and the unplanned life events that inevitably will occur.
Home Repair Resource Center offers free home buyer education classes to teach prospective home buyers the ins and outs of purchasing a home, preparing them for successful, responsible, sustainable home ownership. The class schedule is posted at www.hrrc-ch.org. Individual counseling is also available to help you make the best decisions for your situation.
If your goal is to purchase a home within the next few months, take advantage of this opportunity to empower yourself. HRRC’s Home Buyer Education Program will provide the knowledge and tools you’ll need for sustainable home ownership.
Rebecca Stager is HRRC's repair education programs coordinator. Visit www.hrrc-ch.org or call 381-6100 for more information on programs and services.