How to Tell If You're Not yet Ready to Buy Your Own Home

How to Tell If You're Not yet Ready to Buy Your Own Home

 

Buying a home is an integral part of the American dream. However, before you start looking for homes in South Tampa, you have to consider if you are really ready for the responsibility of home ownership. While most Americans believe that real estate is one of the best long-term investments, it certainly isn’t for everyone.

Read on for some signs that homeownership isn’t for you yet.

You don’t have money for down payment

As a buyer, you will need money for a down payment regardless of where your home loan will come from. Your lenders will want you to have a cash amount to be used for the down payment. Typically, mortgage lenders will want to see between 10%-20% of the purchase price in your savings account. Having no enough cash for down payment is a sign that you are not yet ready to buy your dream home.

You are just looking for new source of happiness

While having your own home can be a source of pride and joy, a house can also be a source of frustration. If you are think that the key to happiness is in purchasing a home, you will be sorely disappointed. As a homeowner, you will have to deal with maintenance issues and yard work. Aside from that, homeowner associations can restrict how much freedom you can truly have on your property’s exterior. You might also find yourself disappointed with the size of home, the lack of storage options, the neighbors, and the school system. Buyer’s remorse is alive and well in the real estate market so you have to carefully consider every aspect of your decision.

You are not too keen on calculating the numbers

One obvious sign that you are not yet ready to buy a home is in your failing to take time to figure out how much you can truly afford. Buying any South Tampa home for sale could possibly be the biggest financial transaction in your life. The general rule of the thumb is not to go beyond more than 30% of your gross income on a mortgage payment, which includes principal, interest, property taxes, and insurance. Aside from the monthly mortgage payments, you will also encounter HOA fees and maintenance expenses. You also have to carefully consider the various loan options and how they will affect your personal finances over the long-term.

You can’t seem to settle down

Buying and selling a home are both expensive and tedious processes. If you have problems settling down into a job or particular location, you may be better off with renting. If you have to move shortly after buying a house, your finances can be greatly affected. You have to pay for commissions and administration fees. The mere process of finishing all the required paperwork is time consuming. On the other hand, if you can picture yourself living in a house for at least five to 10 years, then you may go ahead with your plans of purchasing a home. This allows time to build equity by paying down your mortgage and allowing home prices to rise.

Visit http://www.TampaTodayRealEstate.com today for more helpful tips on home selling and home buying.

If you are looking for dedicated and hardworking Tampa FL Realtors then call me, Mary G. Diaz, today at 813 245-9677. I can provide you with fast and reliable assistance in finding or selling homes in South Tampa. With my extensive knowledge and experience in selling luxury properties in the area, I can assist you in making the best choice.