If you’ve been dreaming about owning a home for a while and you’re wondering if the time has finally come, there are some things you may want to consider first before making any final decisions. Because a home is likely the most expensive purchase you’ll ever make, you want to make sure the timing is right.
The following are some signs that you may be ready to buy a home:
You have realistic expectations
Setting a sensible housing budget and sticking to it is good—but it’s also imperative to have realistic expectations when it comes to what you can get while sticking to that budget. You may not be able to afford the dream home or live in your ideal neighborhood based on the budget you set, and if you can come to terms with making some sacrifices, you may be ready for homeownership. But if your budget is too limiting for what you must have in a home, you may want to wait until you can afford to increase your housing budget.
You have job security
Have you been at the same company for a long time? If so, this may be another indication that you’re ready for homeownership. Although there are no guarantees when it comes to job security, of course, mortgage lenders like to see that applicants have maintained steady employment.
Your credit is good
If you’re taking out a mortgage to purchase your home, credit is also very important along with job security. If you have very bad credit, you may not be ready just yet for homeownership. Work on eliminating your debt and taking care of any accounts in default first. If you have very negative marks on your credit report, such as a bankruptcy, you may need to wait a few years until those negatives are removed from your credit report. But if you’ve been working at improving your credit for a while now and everything looks good, you may want to see about getting pre-approved for your mortgage.
You understand the commitment that’s involved
Owning a home is a lot of work, and requires a lot of time, upkeep, and so on. Because you’re no longer renting, it’s up to you to handle all of the things that your landlord once did. If you currently don’t have the time or energy to take care of a home, you may want to wait. On the other hand, if you understand and accept the responsibility of owning a home, now may be the time to finally take the plunge.
Do you have dreams of buying a home, but need extra cash to take care of your down payment and closing costs? Do you need money to pay off outstanding debts in order to work on building your credit, so that you can qualify for a mortgage loan? Peachtree Financial Solutions may be able to help if you’re receiving long-term payments from an annuity or structured settlement. At Peachtree, we can purchase some or all of your future payments. By selling future payments to Peachtree, you may be able to receive your money sooner and in one lump sum. Contact Peachtree Financial Solutions today to learn more about selling future payments for a lump sum of cash.
Nothing above is meant to provide financial, tax, or legal advice. You should meet with appropriate professionals for such services.