Individuals and families purchasing their first home usually ponder over how large a mortgage they can afford to pay. There are a variety of other costs that should be taken into consideration when purchasing a home. Homes require maintenance. Appliances break, roofs leak and there are numerous other types of maintenance problems homeowners must anticipate. These include landscaping, pest control, plumbing problems and the maintaining of the heating and air conditioning systems. These costs must be taken into consideration when purchasing a home.
Utilities
Homes must be heated and in the summer they may need air conditioning. The price of fuel oil and gas have been going up for the past few years. You should obtain the expense records from the previous owner for the utilities including heating, gas, oil and electric before purchasing a new home. These costs should be built into your monthly budget.
Homeowners Insurance
It is necessary to maintain casualty insurance on your home. This would repay either you or the bank should your home be damaged in a fire or through other circumstances. Sometimes this expense is built right into the mortgage payment. If you’re paying this expense directly, you should take this into account when budgeting for a new home.
Home Improvements
When a car gets old, you either fix it or you purchase a new car. When you own a home, besides from maintaining it, sometimes it becomes necessary to make improvements to maintain your quality of life. Home improvements involve planning, time and money.
Emergency Fund
One never knows when an emergency will take place. In these situations, it’s important to have a nest egg to bide you over during an emergency.
If your home is in foreclosure, you need a foreclosure defense lawyer. Call us. This is what we do! We litigate numerous foreclosure defense issues including, but not limited to, defective foreclosure lawsuits, predatory lending, bad faith, defective mortgages, and other real estate related issues. We attend court conferences on behalf of our clients and we keep them up to date concerning the status of the foreclosure. We handle mortgage modifications for our clients and we deal with mortgage modification programs that fail to meet our clients needs. When appropriate, we also file Chapter 7 or Chapter 13 bankruptcies on behalf of our clients. If you have a mortgage related problem call us at 516-561-6645, 1-800-344-6431 or 718-350-2802.
