You suddenly find yourself browsing listings on the internet and every time you look at a piece of furniture, you envision how it would look in your new house. Did we hit the nail on the head? We all dream about becoming a homeowner but the costs and responsibilities involved with it usually put us off the whole decision.
Buying a house is not a matter of time but who you are at the moment. Confused?
Well, if your monthly salary is spent on paying off debts and bills, then you shouldn’t be even thinking about buying a house. This is a big financial decision and unless you have enough savings for the down payment and more for the other fees that you will be paying in the initial days, we suggest you hit pause on this.
On the other hand, if you can handle the following and save some on the side for rainy days, then go ahead and hire an Orlando realtor.
Your Finances Are in Order – Do You:
Have any debts?
Pay your bills (electricity, gas, water, credit card) on time?
Have a savings account?
Have a steady job?
All these questions will answer the burning question of whether you will be able to afford a house or not. With debts, you won’t be able to make any mortgage payments. If you do have those then work on paying them off first. Your steady paychecks will allow you to apply for a loan, and bills paid on time will give you a good credit score, through which you can get better interest rates.
You Can Afford the Monthly Payments
Congratulations! You finally got approved for the loan and in a few days, you will be throwing a house warming party in your humble abode. However, have you thought about the monthly payments? Apart from home insurance, taxes, bills and repairs, you will also be making mortgage payments. For the first couple of years, you will have to form a tight budget so that you don’t overspend on wants. Vacations will have to wait and no more dinners in 5-star or 3-star restaurants.
You Want to Build Equity
Your monthly rent payments are getting you nowhere. These payments are simply going out of your pocket and that is a complete waste of your hard-earned money. One of the biggest benefits of buying a house is that the money you put in eventually comes back to you. The more you pay in mortgage payments, the more equity you build. When the payment is made in full, you truly become a homeowner. You can now sell this property in the future and use the money to buy a new house.
And this is how you know that you are ready to invest in Orlando real estate. However, keep in mind that if you have a flaky history or failure to make payments on time, then you need to wait and get things in order.
If you are planning to look into online listings, then visit the website Megan Dowdy Realty. Consult their professional Windermere Florida realtor to find out what type of house you would qualify for. For further information, call on 407-509-9279.
