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When it comes to buying a home, people will often second guess themselves wondering if they are “ready.” What “ready” looks like to one person can look very different for someone else.
According to Ramsey Online, there are a few questions to ask yourself before buying. With the turn of a new year, these are great measures of being prepared to make a home purchase in 2024.
1. Do you have any debt? Things such as credit cards, car loans, student loans . . . “anything that’s weighing down your current budget.”
2. Do you have an emergency fund? The rule of thumb is to have enough in savings to cover 3–6 months worth of expenses.
3. What’s your ideal home price?
4. When do you want to move? Within 3 months? In about 6 months? A year from now?
5. Where are you moving to? Have you researched your zip codes of choice?
6. How much have you saved for a down payment? Ramsey says to “aim for 20% of the total home price to avoid paying private mortgage insurance (PMI). But 5–10% is okay for first-time home buyers—as long as you stick with a 15-year fixed-rate mortgage and avoid FHA and VA loans.”
7. What’s your monthly take-home pay? Your safest bet is limiting your monthly payment to 25% of your monthly take-home pay so you have room in your budget for other financial goals.
After answering each of these questions, your next move is to call a professional real estate agency – and the Crystal Snook group is ready to get you to closing! We can help you with any of the above areas that need attention and use your strengths to get you the best price possible!
We look forward to welcoming you home!
