First Time Buyers - More to it that mortgage payments!

More to it that mortgage payments!

Many 1st-time home buyers decide to buy when they feel ready for a mortgage. But just because they can afford the mortgage payments doesn't mean they can afford to own a home, says New York attorney Rafael Castellanos, a managing director at Expert Title Insurance.

"They have an idea of what their mortgage payment is going to be, but they don't realize there's much more to it," he says.

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The other expenses

Property insurance, taxes, homeowners association dues, maintenance, and higher electric and water bills are some of the costs 1st-time home buyers tend to overlook when shopping for a place.

"Keep in mind property taxes and insurance have a tendency of going up every year," Castellanos says. "Even if you can afford it now, ask yourself if you'll be able to afford the increased costs later."

Even though it's your 1st home, you must think of it as a long-term commitment.

"If you have to switch jobs in a year or two and may have to move for the job, you should think twice."  Ideally, you should picture yourself living in that house for 5 to 7 years."

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