Categorized | Residential

Solid Financial Foundation Needed to Buy a House

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As the United States economy continues to face deepening concerns over a double-dip recession, many are uncertain as to whether or not they should buy their first house. Housing prices are down, and mortgage rates are near all-time lows, which would generally indicate that it’s a perfect time to buy. However, many potential first-time homebuyers aren’t certain that they are ready to make the move due to fears of future instability that could lead to unemployment or a decrease in pay.

As experts analyze the current housing situation in the United States, they are encouraging first-time homebuyers to develop a financial and life plan before going out and buying their first home. In order to avoid the difficulties faced by many homeowners in the previous real estate crash, they are advising that first-time homebuyers establish a strong financial foundation that includes more than just a decent down payment.

Rather than just going out and buying a home because it’s affordable at the moment, real estate experts are suggesting that first-time homebuyers consider all the factors beyond the price when buying a house. They need to consider whether or not they’ll be able to continue saving money down the line so as to cover the costs of both maintenance and emergency repairs. Having enough money for a down payment is important, but it is even more important that homebuyers are able to sustain the savings needed in the event of catastrophe.

Furthermore, experts also suggest that homebuyers analyze their life situation. Before buying a home, consider job stability, as well as such factors as the length of the commute to work, and how strong the local school district is.

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About James Pattric

James writes for the Residential category (along with Josh Johnson) and also heads up the Resources category.

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