Real Estate

How Do I Know If I Can Afford To Buy a Home?

Thu Mar 19, 2009 11:16 am
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The best way for any buyer/s to determine if they can purchase a home is to make a list of the reasons they want to buy a home and then make a list of reasons why they should not buy a home.

Buyers should then go over each item on both lists and make the decision that many buyers avoid confronting. Will they make the sacrifices necessary to make the purchase of a home a reality?

If buyers have consistent income and a strong sense that the income will have a chance to grow in the near future then money pressure will be less of a concern.

If buyers want to live a lifestyle that includes dinners, vacations etc. then buying a home is probably not a good decision on a tight budget.

Buying a home is an investment. Buying a home should not be thought of as a way to make a "fast dollar". Given the recent history of real estate and the sub-prime mortgage crisis that thinking will only end in regret.

Buyers should consult with a competent Realtor, Lender and Real Estate Attorney and set some goals and move from a solid comprehensive plan that will probably result in the right decision.

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