Ask These 4 Questions Before You Buy Your First House
There are many things that people enjoy about renting a house. For example, there is less responsibility, some of the utilities are paid for, and there is no long-term commitment. However, there comes a time in most renters lives when they start thinking about buying their first house. They are ready to settle down in one place and put their personal touch on it.
If you have found yourself in the position where you are considering buying your first house, make sure to ask yourself these 4 questions before making an offer:
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How is my job situation?
Buying and selling houses is not fast nor easy. Being in a place in life where you have the job of your dreams and feel settled, it can be a great time to buy a house. If you think you are going to be looking for a new occupation soon, it might not be the right time to buy. If your new job is outside of a comfortable commute away from your house, you might find yourself in a tough position.
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Am I ready for a mortgage?
If you have enough savings to buy a house with cash, congratulations! If not, you are not alone. But it does mean you will be locking into a long-term loan.
A mortgage is a big commitment and one that is not easy to get out of. Before you decide to buy a house, make sure you are comfortable making the payments for the next 15 or 30 years.
If you are ready, make sure you talk in detail with a mortgage lender to find the loan that is the best fit for you and your situation.
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Have I been through a big loss recently?
Sometimes when life has taken an unexpected turn for the worse, people jump into making some big changes. If you have recently lost a loved one or been through a difficult end of a relationship, you might be tempted to make a big change. You might want a new beginning or something to take your mind off of your pain, but it is usually not the best time to jump into buying a house.
Take a couple months and wait until things settle down again to see if you are still ready to become a homeowner.
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Am I financially ready?
You have probably heard that you will most likely need a down payment in order to purchase a house, but the check writing doesn’t end there. Not only are there other closing costs you will be responsible for paying, but then you have all the extra expenses that come with being a homeowner.
Any time something needs to be fixed, it’s out of your pocket. If you have a big beautiful yard with nice landscaping, you are responsible for upkeeping it. You may need to purchase additional furniture to fill up your new space.
Purchasing your first house is an exciting time, but it is a big commitment. Make sure you are truly ready to become a homeowner and you aren’t just feeling pressured because you are watching all of your friends make the jump into buying a house. Wait until it is right for you in each of the ways listed above.