What fiscal responsibilities come about when buying and owning your first home. ?

I live in sterling heights, Michigan. About 20 miles north of Detroit. I own a landscape business and take care of two MS patients daily while going to college. I can't prove a income worth getting a mortgage so I've been saving up in order to take advantage of all the land contract oppurtunities in my area.

If someone could educate me on what fiscal responsibilites their are when you buy a home on a land contract, I'd greatly appreciate it.

Things and bills like home insurance, gas, electric, cable, property taxes, water, etc...

I'm trying to get a much better understanding on what it takes to buy a home, maintain it and pay the bills. If there are any bills, responsibilities I don't know of and what it takes to keep a house.

Thank you for your time. I very much appreciate it.

2 Answers

  • Anonymous
    9 years ago
    Favorite Answer

    When people consider the benefits to a first-time home buyer, they often only consider the financial aid available in the form of grants and tax breaks. There are also social, emotional and educational benefits to home ownership. You may be surprised to learn that lenders commonly consider a first-time home buyer to be anyone who has not owned a home in the last three years prior to closing on a property.

    Financial Benefits:

    Many state, county and local governments offer grants to first-time home buyers to cover down payments or closing costs. In Colorado, for example, first-time buyers can apply for a grant through the Colorado Housing and Finance Authority. Government grants are often forgiven if the homeowner lives in the property for a designated period of time. This means that the recipient of the grant will not have to repay the grant.

    Educational Benefits

    Many of the government agencies that offer grants also offer first-time home buyers educational courses on money management, credit, and the benefits and responsibilities of home ownership. Many of the agencies require some educational counseling prior to applying for a grant. This may seem a bother to some, but the aim is to prepare people to proceed responsibly toward home ownership. Most agencies require anyone who will appear on the loan to complete the course or courses.

    Social Benefits:

    Owning a home in a community, long-term neighbors, pride of ownership and the stability involved with long-term ownership are all tangible social benefits that first-time home buyers gain over renting. Home ownership also gives you a voice in your community through your local homeowner association.

    Emotional Benefits:

    Anyone who has lived in an apartment or a rental house knows how exciting it can be to finally own your own home and enjoy the freedom of decorating or even remodeling without the landlord's approval. Selecting a floor plan for a new home from a builder, planting a garden or installing custom fixtures throughout the house offer people an emotional enjoyment not available in renting.

  • 4 years ago

    When I used to be courting probably the most key attributes I seemed for used to be economic accountability. When I met my (then long run) spouse 21 years in the past I knew she noticed cash as a supply of energy/freedom versus a way to social repute. She perspectives autos as "transportation" no longer so that you could provoke your friends. Even in a few severe circumstances she used to be on no account tempted. We had one five yr interval wherein matters all of the sudden went totally good at paintings, and in the course of that point she used to be saving approximately 70% of my after tax earnings. Now we've 0 debt of any sort - no loan - plenty of financial savings. No economic pressure. >>>>>>>>>>>>> Ann makes a remark approximately "a laugh" females and debt. The unhappy factor is that within the US the ones "a laugh" females get into debt seeing that they have got a way of entitlement and determine they are going to discover a few guy to bail them out. And I am utilizing "a laugh" within the equal feel Ann did - which means I additionally do not simply imply intercourse. Just seeing that a character could make a hardworking member of the reverse intercourse "completely satisfied" does no longer imply this is a well concept to are living past your method.

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