Buying vs’ Renting

AM I READY TO BUY A HOME?

  • Do you have a steady source of income (usually a job)?
  • Have you been employed on a regular basis for the last 2-3 years?
  • Is your current income reliable?
  • Do you have a good record of paying your bills?
  • Do you have few outstanding long-term debts, like car payments?
  • Do you have money saved for a down payment?
  • Do you have at least 3% saved to cover closing cost (just in case the Seller will not)?
  • Do you have the ability to pay a mortgage every month, plus additional costs?
  • Do you plan to own the home for at least 3 years?

If you can answer “yes” to these questions, you are probably ready to buy your own home. On the other hand, if you only have 3.5% (the minimum requirement for an FHA loan) to put down and nothing else in savings then keep saving. There will still be homes for sale next year and lots of them. I am not in the business of making a sale and then never hearing from you again. Therefore, I will advise you to do what is in your best interest not mine. It is not in your best interest to go into a home with no funds in savings. In the event that the air conditioner needs to be replaced or the refrigerator gives out you have to have the funds available to do so. Sure you can buy a home warranty that will cover those items. But there is always something that could come up that a warranty will not cover.

The Queen of HUD
(480) 206-6425
Realty One Group
4041 S. McClintock Rd Ste 310
Tempe, AZ 85282


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