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Are You Financially Ready To Buy an Orange County Home for Sale?

Many people start thinking about buying an Orange County home for sale when they feel ready to settle down.  Maybe they’ve just gotten married or they’re thinking about starting a family.  Or maybe they’ve just gotten well-settled in their careers, so they think that it makes more sense to buy a home rather than continue renting one.  If you’re considering buying a home, read on to figure out if you’re ready to do so.

  1. Do you have enough money for a down payment? This is usually one of the things that deters people looking to buy a home.  You need to have, at the very least, 5% of the total worth of the home to put down as a down payment.  The more you can put down right at the beginning, the better your chances of being approved for a mortgage.  If you have enough savings or your family is willing to help you out, you may be ready to buy a home.
  2. Do you have a steady source of income? If you’ve just left a job and started your own business, you may not be in the right financial place to buy a home.  At one point of time, it’s best to focus on one new venture.  So if you have a new job or a new business venture going, focus on that and not on buying a home.  A year or two down the line, you can reconsider.
  3. Do you have a good credit history? You could have savings, a steady source of income and still not have a good credit history.  Maybe you have a number of loans, either personal or for your business.  Or maybe you went through a rough patch and are still paying off your credit cards from that time.  It’s really important to make sure that your credit history is good before trying to buy a home.
  4. Does buying a home make financial sense? In general, buying property is always a good idea.  Not only does this ensure that you’ll have a roof over your head, it also makes a good investment.  If you choose not to live in the property at some point in the future, you’ll be able to rent it out or sell it, hopefully for a profit.  Still, there are times when buying a home may not be financially sound, such as when you have a number of loans or are planning to move jobs.

Contact us for more tips on figuring out if you’re financially ready to buy a home.