Are You Ready To Buy A Home?

GARE YOU READY TOA BUY A HOME? YOU ARE READY TO BUY WHEN... YOU KNOW HOW TO USE YOUR BUDGET Owning your own place comes with a slew of new expenses, so good money-management skills are a must- have. Mortgage lenders want buyers to have a reserve. You should not take every nickel you can rub together and purchase. throw it into your home YOU KNOW TO CONFORM THE MARKET If you are the type of buyer who says, "Every home on the market is overpriced; I'm not paying that much," then you are not conforming to the marketplace. Serious home buyers research the market and have realistic expectations. YOU HAVE A RELIABLE SOURCE OF INCOME You'll need consistent cash flow to cover monthly payments come with homeownership. Homes require upkeep. You'll have a lawn to mow, windows to wash, furnace filters to replace, and you may need to tend to minor repairs from time to time. not to mention the little extra expenses that YOUR DEBTS ARE UNDER CONTROL Before you buy a house and enter into more debt, gain control of debt you already have. High-interest debt first target, and something you pay down before you buy a house. If you have large outstanding debts, it's a good idea to try to pay them down before applying for a mortgage to make sure you can qualify for as much money as you'll need. BANK should be your should YOU'RE READY TO BE YOUR OWN LANDLORD You need to make sure you're ready to live the lifestyle. Owning a place comes with a fair share of new responsibilities, headaches and costs which is becoming your own landlord. A lot of people gloss over this area of homeownership. Be sure you think honestly about of responsibility. not the least of hether you're ready to take on that kind YOU PLAN T0 STAY ON THE AREA If your state of residency is uncertain, it's probably a good idea to skip buying a home. Some buyers who relocate are able to rent out their home, but handling a rental long distance is not always wise. IL || PILCHER RESIDENTIAL Sources: http://realestate.msn.com/article.aspx?cp-documentid=20740546 http://homebuying.about.com/od/buyingahome/f/050709_Buyer-for-a-Home.htm http://financialplan.about.com/od/realestatemortgages/a/Are-You-Ready-To-Buy-A-Home.htm