In today's SmartMoney Monday, we're going to learn all about one of the biggest financial goals a person can have. Buying your own home. It's the American Dream, right? But how do you know if you're ready to buy a home?
As a new home buyer, start by asking yourself some pretty simple questions. For starters, can you afford a mortgage payment? What are you paying for rent now and how does that compare to a mortgage payment? And the other big one is – do you have enough saved for a down payment? You really need to take a long, hard look at the numbers and be honest about what you can afford. Think about your current situation. Are you looking to settle down for the long run and stay in one location for say 5 to 7 years? Homeownership does require a commitment.
If you are renting another thing to consider is timing. So look at the terms of your lease – if it doesn't expire for a while or if you only have one month left, it might not be practical to go house-hunting now. You need to give yourself time to make a wise decision. There's a lot to consider and you want to be sure your numbers, as well as your life goals, align with this decision.
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