3 Essential Reasons Why Not To Buy A Home
When it comes to buying a house, it can be quite an exciting and severe event. It will take you money, patience and a lot of responsibility so you can be ready in purchasing a home. However, you should know that buying a property is just half of the battle. It might come as a big shock to you when you transition from depending on your landlord to owning a house.
Well, home ownership can give you a lot of benefits especially when you chose one the best Mortgage Lenders San Antonio to make it possible, but it is not always fun and games. As time passes by, people around you might advise or pressure you to buy a house. If you feel like you are not yet ready to own a home, we’re here to tell you that it’s okay to feel that way. It’s even better to wait. You should only buy a house if:
- You are financially ready – You have enough money for a 20% down. You have a secure income and have a good credit history.
- You are ready to settle down in one place – You are not planning on moving to another city in the next five years.
- You want to own a house – Not everyone wants to own a house, and that’s perfectly fine.
On the other hand, you should not buy a house for the following reasons.
You Just Got Your First Job or Just Graduated.
If you just graduated, congratulations! You might have a great first job experience soon. That is great and all but it should not mean that you have to choose your first house already. Just think of all the student loan debt that you have.
It is best to consider buying a home after you have a stable job, built enough savings and paid off your debt. You might regret buying one of you decided early on when you are not financially ready.
Someone Just Told You It Is a Good Investment.
A lot of people say that buying a house is one of the best things you should do, especially if you are renting. They’ll tell you that it is just a waste of money.
If you are ready, buying a house can be a good investment. But if you’re not yet stable with your finances, purchasing a home can make you rely on credit cards and live house poor with binary option. Credit card debt in this day and age is entirely a terrible investment.
There are a lot of people who bought their houses years ago and now have more debt than what their home is worth. Real estate can be quite risky. You have to be smart enough to take the risk only when you are ready.
Mortgage Rates Are Low.
So what if mortgage rates are low but you don’t have enough money for a down payment, and you have poor credit. Only buy a house when you are ready. For so many decades, mortgage rates have been low.