The decision to buy a house is one that everyone must make on their own based on their currently lifestyle. If you’re planning on buying a home, this is one of the most important decisions you will ever make and you want to make sure that you’re doing it for the right reasons. So much is wrapped up in this decision and there are numerous things to consider before diving head-first into the housing market.
Are You Better off Renting?
Some people are more comfortable renting than buying their home, particularly those with no immediate family. They like the flexibility of being able to get up and go when their lease is up, having someone else make major household repairs and not having to worry about paying property tax. Many critics argue that people throw away their money when they rent. However, if It works for you and it buys you the peace of mind of not being tied down to a house you weren’t sure of to begin with, it really doesn’t matter what anyone else thinks.
How are Things at Work?
Have you been hearing rumblings around the office about layoffs or cutbacks? If you’re insecure about your position at your job, the last thing you want to be doing is taking on mortgage debt. It doesn’t matter how much you have put away. If you aren’t fairly secure about your income, wait. Additionally, if you get laid off during the process, your lender may not proceed with your loan.
How’s Your Credit?
Though many lenders these days look at more than just your FICO score when you apply for a home loan, the better your credit is, the less of a down payment you will have to make. Good credit also translates more favorable lending terms such as lower interest rates.
When it comes for you to buy your first home, contact Joel R. Spivack, Esq. He is committed to helping you realize your dream of homeownership and guiding you through the process.