I realize that there are a lot of people who are eager to take advantage of the housing situation out there. But they may not be sure exactly what steps to take in order to get their first home. Well, I am going to take this time and tell you the first 3 steps you should take when deciding if you can and should buy your first home. This is not a definitive list, but these are the things that I see some first time home buyers do, and when they honestly ask these questions they usually are pretty successful in getting a home.
#1 Ask yourself are you stable enough to afford a home.
Are you employed? Are you earning a living wage? Can you afford to pay a mortgage and still pay your utilities, food, and other expenses? These are the questions that you should ask yourself and only you will know the answer. Don’t let a lender or anyone tell you that you are ready for a house until you ask yourself these types of questions. You may also want to ask does it make sense to buy a house. A single person with no kids who may move very shortly if they get married or relocate for a job may do better not getting a house than a family with kids and the parents have been on the same job for years.
#2 Can you manage your personal finances?
All of us have had a problem with a bill payment every now and then but are you someone who is constantly late on all or most of your bills? Do you have trouble paying the majority of your bills? Is the bulk of your bill money going to credit card payments? If so, then you may not be ready for the financial responsibility of a house and you may need to take some time and learn budgeting and saving. Don’t feel bad, budgeting and saving is one of the most basic necessities for personal wealth and it is not taught in school and most families don’t teach it to their kids because they don’t know. So take a free class or ask for help if necessary.
#3 How much house do you really need?
When buying a house the people who do best with not over spending are the people who show discipline. They decide on the size house that they need and they figure out how much of a payment that they can reasonably afford and from there they find a house in a neighborhood that matches those criteria. This is your best chance of success when buying your first home. Don’t even go look at houses that are out of your price range because they will only make you look down on the properties in your price range.
Till next week, Good luck and God Bless and remember… If you want to buy a house with our no bank financing program than visit our new website at www.ownwithnobank.com or if you need to sell a house than please call our office at 312-698-8851.