Are you Ready to Buy a New House?

July 27 2008 by author in Cheap Dallas Real Estate |Comments Off

Reader’s Question:

I am 29 years old, I am still single, and I live alone and have been renting for the past 4 years. Lately, the thought of buying a house crossed my mind. I believe I already have enough savings however; I still have some doubts if I am ready to get a house. How do I know if I’m ready to purchase a house?

Allison

Dallas, TX

For most young professionals, buying their first home can be a scary proposition. It doesn’t only represent the biggest purchase that you could make but is also a decision that you literally have to live with every day. This is why experts advise taking the time to make the most informed decision possible – it can reduce expenses, hassles and regrets.
As a first-time homebuyer, it is important to know what to evaluate in home buying process. To know if you are ready to purchase a house, you need to assess yourself based from the following guidelines:

  • Steady source of income /regular employment/reliable income
  • Good payment history
  • Enough savings for down payment
  • Has the ability to pay a mortgage every month, plus additional costs
  • Motivated to buy

The only advantage of renting is being free from maintenance responsibilities. You actually lose the chance to build equity, take advantage of tax benefits, and protect yourself against rent increases.
Getting your own a house on the other hand has many benefits. With mortgage payment, you are building equity which is an investment. It also qualifies you for tax breaks that would assist you in dealing with your new financial responsibilities- like insurance, real estate taxes, and upkeep- which can be substantial but are all worth it.

So, if you think that you have the abovementioned guidelines and agree to the benefits of having your own home… Then you are now ready to purchase one.

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