However, you must first consider the reasons why you should (and shouldn’t) buy a home.
5 Reasons Why You Shouldn’t Buy A Home
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1. Home Maintenance
If you buy a home without any budget to start with, chances are you’ll not able to fix problems like: fixing broken window, leaky toilet, leaky faucets, repairing roof, changing ceiling fans, etc.
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2. Debt
Buying a home with too much debt can be very risky. Only buy a home if you aren’t too much in debt. Otherwise, you’ll be overwhelmed with thinking which debt you should pay off first. Additionally, it will also damage your credit record and financial health.
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3. Moving for a New Job
If you plan to move across the country, and you know that you’ll be staying in that area for at least five or six years, then you might be better renting rather than buying a new home in each place.
For example, if you move to another job, or if you lose your job, this can be very difficult for you if you aren’t renting.
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4. Mortgage
Just because you are qualified to get a mortgage, doesn’t mean you’re ready to get your own home. You should set up your budget and plan out expenses before you decide if you can afford to buy a home. It’s also a great idea to stop overspending, that way you can pay your possible mortgage in the future.
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5. Owning a Home at a Young Age
In most US states, as long as you’re 18, or know someone else of legal age who can sign the contracts for you, then you can legally buy and own a home. But, that doesn’t mean that you’re ready for the responsibility of maintaining your own home. It can be a very expensive and frustrating process if you don’t know how to budget.
4 Reasons Why You Should Buy a Home
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1. Home Stability
Everyone wants to have a safe and stable place to call their own, especially if raising children. Owning a home will give your family a sense of stability, and it can also fulfill your dreams.
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2. You Feel Secure in Your Job
If you know that you’ll be steady in your job until you’re in your 50’s or 60’s, then it’s a smart idea to purchase your home while at your young age. Owning a home can also prevent you from spending your hard earned money on rent. However, no matter what, you’ll still need to set up your budget to account for home repair costs.
other valuable tips:
Housing Help: 5 Things To Consider Before Buying A First Home
Home Buyers Guide: What You Need To Know Before Buying a New House
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3. You Feel Ready to Get a Home
Buying a home can be risky. You’ll feeling very nervous, especially if you’re not ready for the financial responsibility. However, if you are ready, and you know that you’ll be able to pay it, then you should purchase now while you can, or wait until the market presents the right opportunity.
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4. Home Equity
The best thing about owning a home, is you’ll put equity into it, meaning that you’ll have some ownership of it already through making payments. Here are the two ways you can build your equity:
- The amount of your debt should be decreased.
- Increase the property value.
Image Credit: Pixabay
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