Scared to Buy a Home?? Here’s Some Advice!
September 1, 2022
It’s no secret that buying a home can be a scary prospect. After all, it’s probably the most expensive purchase you’ll ever make in your lifetime. However, there are plenty of reasons to not be scared to buy a home. In fact, buying a home can be a very rewarding experience. Becky Partin, our Broker/ Owner shares her personal story in her home buying journey as well as some other tips!! Let’s take the plunge into homeownership together.
Here are a few things to consider before you make your decision:
Your Job Security
The most important factor in deciding whether or not to buy a home is your job security. If there’s a chance you could be laid off in the near future, it’s probably not wise to buy a home. You don’t want to end up upside down on your mortgage if you can’t make the payments.
Your Current Rental Situation
If you’re currently renting, now may be a good time to buy. Rents have been on the rise in many parts of the country, while home prices have remained relatively stable. In some cases, it may even be cheaper to own than to rent.
Of course, there are other costs associated with owning a home that you don’t have when renting, such as maintenance and repairs. Make sure you factor those costs into your budget before making a decision.
Your Credit Score
Your credit score is another important factor to consider before buying a home. The higher your credit score, the lower your interest rate will be. A low interest rate can save you thousands of dollars over the life of your loan, so it’s worth taking the time to improve your credit score before you apply for a mortgage.
You can get a free copy of your credit report from each of the three major credit reporting agencies once per year at AnnualCreditReport.com. Review your report for errors and dispute any inaccuracies with the agencies.
The bottom line is this: if you have good job security and can afford the monthly payments (including taxes, insurance, and repairs), now may be a good time to buy a home. Interest rates are at historic lows, and prices are relatively stable in most markets. Just make sure you do your homework first and consult with a financial advisor if you have any doubts. After all, buying a home is one of the biggest decisions you’ll ever make!