Ready to Buy a Home?

Are you ready to buy a home?

Before you embark on what’s likely the biggest financial decision of your life there’s a lot to consider. In order to decide with confidence, consider factors beyond finances. For example, you may want to consider where you are in your life. Future plans regarding any job changes, getting married, having kids, or getting pets.

RENT OR BUY? ASK THESE ESSENTIAL QUESTIONS:

YOUR FUTURE PLANS:

Short-term cost-effectiveness in renting. Calculate the straight cost differences. In other words, rent and other monthly bills vs a mortgage, homeowners association dues, if any, repairs and maintenance. You’ll get a more accurate estimate of costs if you speak with a mortgage professional.

How long will you be in your current location? Homeownership is typically a buy and hold financial decision. Homebuyers need time to build equity.What about your job? Do you anticipate a relocation in your future?

Is marriage or children in your future?

DO YOU HAVE HIGH INTEREST DEBT?

Prioritize paying off your high-interest debt before considering buying. Any debt that will take longer than three to six months to pay off will be added to your monthly expenses by the mortgage company.

DO YOU HAVE A DEPOSIT, SAVINGS AND AN EMERGENCY FUND?

CONCLUSION:

Homeownership builds equity and enhances stability, among a lot of other positives. However, it might not always be the best choice. Consider stability, savings, and career status. Renting could be wiser until you’re absolutely confident in the direction of your future.