The following article points out several key questions you should ask when buying your first home.
Buying a home is a big decision whether you’re buying a home in Charlotte, NC or a nearby city. Also consider your general job outlook and stability over the next 5 to 10 years. And, if you have a partner or spouse, do you both have a back up plan if one or the other of you is out of work for a period of time. Lots to consider. But, if you decide to buy – happy house hunting!
While the dream of home ownership may have taken a beating during the recent recession, a majority of Americans still say that buying a house is in their life plan.
And with good reason: home ownership is a key part of many individuals’ long-term financial strategies, plays an important role in improving the health of the economy, and can provide much-needed space for growing families.
But if the recent collapse of the housing market made one thing clear, it’s that home ownership is not for everyone. It’s a significant, long-term commitment that requires strong financial standing and the right timing.
We spoke with Merrill Edge Financial Solutions Advisor Wesley Gunter and Trulia real estate expert MichaelCorbett to get a sense of what first-time home buyers should consider before taking on a mortgage. They recommend that prospective buyers ask themselves the following questions:
1. Why do you want to purchase a home?
2. What can you reasonably afford?
3. Have you factored in all the hidden costs?
4. What kinds of loans do you qualify for?
5. What will your life look like in five years?
6. Are you ready to stay put for the next few years?
7. What kind of neighborhood do you want?
8. Are you working with the right realtor?
9. Is the rest of your financial house in order?