But then there are those that actually want to invest in homeownership opportunities, yet find themselves shying away when the topic arises. Why is that?
Realistically, there are many reasons to hold off on buying a house, but if you know you want to own property at some point, there are ways to blow some of those excuses right out of the water before they ever even become an issue.
You’re worried about existing debt.
From student loans, car purchases, credit cards, and more, almost everyone has some kind of debt to his or her name before buying a house even crosses the mind. But that’s ok! Making payments may not be high on your list of fun tasks each month, but doing so will show lenders that you’re responsible enough for a home loan whenever you’re ready to seriously consider buying a house. We would never encourage you to go and max out your credit cards, but you should also know that a manageable amount of debt won’t keep you from moving into your first purchased home.
You have no prior experience in home maintenance.
There’s no time like the present! One of the major differences between owning and renting a home is in the upkeep and repairs. Once you own your house, it’s up to you to keep it in good condition. Not only does it make living in it much more enjoyable, but it can work wonders for you if and when you’re ready to sell your house and find a new one. If you currently rent, try your hand at very small tasks that come up, or challenge yourself to read one home maintenance article (or watch a helpful YouTube video) every week to familiarize yourself with simple DIY repairs.
You’re concerned about the housing market’s fluctuations.
Buying a house isn’t just a major investment; it can be quite a risk, too. There’s no better way to time your readiness to purchase a home with the ups and downs of the housing market besides educating yourself and getting in touch with a seasoned real estate agency early on. Realtors watch the trends as part of their everyday job experience, so familiarizing yourself with common terms and causes for those fluctuations while you work with a professional can prepare you for the process when the time comes.
You have no starting capital.
If owning a home is something you know you’ll want at some point in the future, it’s never too early to start saving! It can be difficult, but even just putting away small amounts each month can really help you reach a comfortable starting point when you’re ready to buy a house. If you haven’t been able to put much away, but still want your chance to enter the real estate game, sit down with a loan officer at your preferred bank and find out what the branch can do for you, and where you might want to start in terms of a down payment.
You’re not sure where your job will take you.
Alright, so there is no catch-all solution to this one! But, we do have some advice that you might find useful. If you’ve chosen a career path that has you constantly on the move or traveling in and out of town, it certainly makes sense not to put down any roots just yet. But if it’s just a matter of being unsure of your career’s trajectory, then owning a house can sometimes be a good way to build your credit for if you do need to move in the future. It also shows commitment to a project, which is never a bad thing to bring up in your job interviews!
Homeownership may not be for everyone, but if it’s something you want to look into, there are fewer roadblocks than you may think! If you’d like to discuss your options, contact Intracoastal Realty today and learn more about our process.