Are you tired of renting? Have you thought about owning your own home? Do you have good credit?
If these questions have crossed your mind, it might be time for you to consider buying your own home. There are a lot of things to consider when making the decision to purchase your own home.Before you dive in, make sure you answer some pertinent questions to see if your lifestyle is conducive to being a home owner. Understanding your finances is key.
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Do you have a stable job? If you do not have job security, you might want to reconsider purchasing a home until your situation becomes more stable. Be sure you have peace of mind about being able to make your monthly mortgage payment on time before you commit.
Are you ready to maintain a home consistently? When you own your own home, you are responsible for all repair issues, yard maintenance, etc. There is no more calling your landlord...it's all on you.
Have you worked out your monthly budget? Write down all your expenses that you already have as well as the ones that will come with owning your own home. If you don't know the exact figures, always over budget. You can't go wrong with that. Live off of that budget at least 3 months BEFORE you buy a house to make sure it's realistic for you. There may be some extra things you need to cut out in order to meet your goal. If you can't live off the budget, at least you would know before taking on the responsibility of a mortgage payment.
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Do you have money saved? Unexpected things happen, so don't find yourself in a bind. A good practice is having 3 months of money saved to cover expenses if something as should happen to you.
If you can answer these questions honestly and everything works for you..let the home search begin!
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