Owning a home is an appealing prospect – the feeling of ownership gives you pride, and you can often get a larger place for a smaller monthly payment if you buy instead of rent. However, it is not always the best time to purchase property. Understanding all that the buying process entails will help you determine whether or not you are ready to buy a home.

The first step in determining if you are ready to buy a home is considering all of the costs involved. A down payment can be between three and 20 percent of the property value, and your additional closing costs can include taxes, inspections, title insurance, and more. You will also need to consider the other costs involved in moving, like renting a moving truck or hiring a moving company, purchasing furnishing or appliances, or making necessary repairs to the property. Once you move in, you’ll need to purchase homeowners’ insurance to cover you for unforeseen circumstances and natural disasters, like earthquakes and floods. Additionally, costs...

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