How Do You Know When Youre Ready To Buy A Home

Dated: April 7 2019

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Owning a home does have advantages for building wealth in life, but I advocate asking yourself these five questions before choosing to buy a home.

1: Is Your Financial House In Order?

    How much credit card debt do you have?

    How about auto loans, student loans, or personal loans?


2: Have You Saved Enough For A Down Payment?

    Today you can buy a home for as little as 3.5 percent down payment. On a $200,000 home that’s just $7,000.

    Don’t forget the closing costs, insurance, taxes, and money for repairs and furnishings to turn the house to a livable home. These costs will easily add thousands of     dollars to your bottom line.

3: Can You Really Afford The Payment?

  •  Property taxesInsurance

  • HOA fees(homeowner’s association) 

  • City assessments

  • Water, sewer and/or garbage  

  • utilities

4: Are You Ready To Settle Down?
    How many job changes have you had in your life? If you are like me, probably several. Until you find that one career you plan on keeping for a while you may find that 

    your next job may create a two-hour commute or, worse, lead you to another city or state.

5: Can You Fix a Leak?
 
     You can’t simply call the apartment office or landlord to have them fix a leaky sink or broken dishwasher.

  1.      When you are the owner, you need to have either: the ability to fix problems yourself or the resources to pay others to fix them.
  2.      If you can fix things yourself, you can save on the labor but the material costs can still wreak havoc on your savings. 
  3.     A new dishwasher isn’t cheap. 
  4.     These little surprises are a part of home ownership, and you should be prepared for them both financially and psychologically.

 

So, Are You Ready To Buy?  Did you answer “yes” to each of these five questions? 

  1. Are your debts and credit score in order?

  2. Have you saved a down payment and money for furnishings, moving, and upgrades?

  3. Can you comfortably afford your new monthly payment?

  4. Are you ready to settle down?

  5. Can you fix a leak? Household breakdowns

If yes, Congratulations! on your new journey.

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Manuel Quiros

My name is Manny Quiros, I’m a real estate professional in the “Disney Area”, I have lived in this area since 1999 and have called this area my home and place my wife and I to raise our three wo....

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