I kind of like paying for other peoples investments...
...said no one ever!
Sometimes homeownership isnt for everyone. Consider the following if youre thinking about buying a home. The timing may not be right for you yet if...
? You have little money for a down payment. Sure, you can get into a home with as little as 3.5% down, but youll pay a higher interest rate and mortgage insurance.
? Your credit rating needs work. You can get into a house with a lower credit score. Youll also pay a higher interest rate. Over the 30 years of a mortgage, this will be a difference in the amount you pay for the home.
? Your debt to income is high. If youre already sending out half of your income to credit cards and other loan payments, you might not be able to get a mortgage approved for a home.
?Your job isnt stable. Lets face it, many people have uncertain professional futures in todays pandemic economy. Be honest with yourself about your job security, because most foreclosures happen due to the loss of a job.
?Renting in your market may be cheaper. Have you compared the cost of a mortgage, plus taxes, insurance, and homeowners association fees to the cost of renting?
?Maintaining a home is pricey. Are you prepared to be solely responsible for any repairs and maintenance on your home?
?You dont want to be house-poor. Maybe you can afford to move on paper, but if your budget is going to be super tight, will you still be able to plan for the fun things in life?
?Relocation is a possibility. If you anticipate a move in the next 5 to 10 years, buying a home may not be worthwhile. If you arent ready to commit to a specific location for the long haul, it may be better to wait.
??You cant find a home that fits your needs. Its okay to wait and its best to not rush and feel pressured to buy.
?You already own a home. It may seem like a great idea to list your home in a sellers market. But dont get too excited about the profit you will turn in if youll have to sink all of it into a new home.
Are you waiting to purchase a home? Whats the main reason youre staying put and not ready to dive into homeownership?