Most people dream of owning their own house. However, not everyone is prepared for the responsibilities of owning one and may find themselves losing out on their first try. See if you have what it takes by reading on.
The Right House – Just like any purchase, you have to be sure that the property you intend to buy is what you need and not just what you want. Many initial home buyers make the mistake of buying their “dream house” and then realize they overshot their capacities Singles don’t need a big house and the career-conscious professional should not get a fixer upper. Just because it’s “a steal” doesn’t mean you have to buy it because of pressure. If you find a house that is within your means and requirements, that’s the only time you consider it for purchase.
The Right Source of Income – Most newlyweds and families would consider buying their house when the new baby is arriving. However, with the arrival of a new family member come additional household expenses. Can your combined salary sustain your new home’s mortgage payment, property maintenance, real estate taxes and utility bills? What other sources of income can help you pay for your mortgage in case your job falls through? If you can answer these questions and your credit approval rate is sufficient, then by all means buy that house.
The Right Connections – Although most city mortgage payments in Salt Lake City are covered by banks, there are other financial institutions that can offer the same or even better rates. Consider looking for a mortgage company such as Altius Mortgage that can assist you with your new home’s purchase and, heaven forbid, when you have sudden financial emergencies. Having the right knowledge of mortgage companies, rates, interests, penalties, and taxes can make the difference between owning a home and losing it.
Owning your own residence is not something you should take lightly. Even with a good paying job do consider the factors above so you can choose wisely. Good luck and may you have a home to call your own when you’re ready.