Ready to buy a house now?
The first and important decision to buy a house should be based on your finances. If you live in a rented place and feel that is time to invest in a house but you’re not sure if is the right time, you have to start asking yourself the question: Should I buy a house?
If you can purchase a house for cash, then you can afford to buy one now. Even if you can’t pay in cash, most experts would agree that you can afford the purchase if you can mortgage a new home.
Here are some questions you should consider before buying a house.
Buy before house prices get higher?
Is not necessarily to rush and buy at the current prices before they rise higher. First think what is right for you and your family. The main purpose of a house is to provide a place to live and at the same time grow equity over time. Don’t overthink about how is the housing market when deciding to buy a house. If you feel that the time is right then don’t wait to buy.
Can you pay monthly expenses?
If your budget is so tight it will probably cause you to miss payments, and you’re not in a strong enough position (right now) to buy a home.
Do you have savings for maintenance and repairs?
The mortgage isn’t the only housing expense you’ll need to meet your budget. When you move from a rental place to a home, you have new responsibilities such as replacing or repairing the roof, fixing and maintaining the air condition, hiring a plumber, and more.