5 Warning Signs You Are Not yet Ready to Buy Your Own Home
Buying any home in South Tampa is a major financial milestone, but it is also a serious responsibility. If you are thinking of moving from renting to homeownership, you need to be certain that you are prepared to take the leap. There are several red flags that could indicate that you are not yet ready for homeownership.
Here are five signs you might not be
ready yet to take the plunge:
You are on the bottom of your financial situationBefore you start looking for luxury homes for sale in South Tampa, you should check in with your credit first. Dont think of applying for a mortgage if you are not financially stable.
Remember that lenders are more particular about borrowers than they have ever been before. Make sure you have excellent credit, good financial history, and a safety net of cash. Otherwise you wont get approved for a mortgage loan with good reasonable terms.
You have not yet fully understood the responsibility of home ownershipHaving your own home is a serious financial and physical responsibility. If you are used to renting, you might feel overwhelmed by the duties associated with maintaining your own home.
As a homeowner, you will need to be proactive with maintenance, yard work, take care of service for necessary repairs, and stay on top of every last detail of the physical structure of your home and overall property.
You have no plans of staying long in the areaThere is no point in looking for South Tampa area real estate for sale and going through the motions of getting a mortgage if you have no actual plans of staying in the area for a long period of time. If you are thinking of moving before hitting the two year mark, you could be hit with capital gains tax on your home.
Before purchasing a home, think hard about the direction where your life is headed. Unless you plan to stay in the home for at least five years, it may be better to keep on renting until you have definite ideas about where you plan to be in the future.
You have never lived on a budgetIt is wise to practice living on a monthly budget before you purchase a home. This will give you a good sense of how much money is coming in and how many bills are paid each month. Budgeting before buying a home will also allow you to have a handle on your monthly finances before getting caught up in the responsibilities of homeownership.
Your debt is too highLenders take two main pieces of information when determining how much of a mortgage you can qualify for. These are your income and your other debts. If your credit situation is good, most lenders will limit your mortgage payment plus your other debt obligations to about 45% of your total income.
Traditionally, the maximum debt-to-income ratio lenders like to see is 36%. If your debt is too high and you have numerous unsettled financial obligations, you wont have much to pay for a mortgage.
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for more helpful tips on home selling and home
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.