Owning your own home - it’s part of the American dream. And now it could be your dream, too. The time is finally right, and you’re ready to think about buying a place of your own.
First, congratulate yourself for making a smart move. You could make your monthly housing payment work for you. Instead of paying rent, you will be building equity (the difference between what you originally pay for your home and its market value when you sell it). You are also giving yourself two major deductions on your annual tax return—the interest you pay on your mortgage and the property taxes you’re billed each year.
But now looming in front of you are two big questions: How much can I afford? How do I choose the right home? Here’s a start at answering those questions.
