6 Signs You Can’t Afford To Buy a House
Buying a home can help provide a stable future for you and your family, but it can also cause financial uncertainty. In most cases, it is the largest and most important purchase that you will make.
Ultimately buying a home is a long-term investment that requires an in-depth understanding of your income, debt and potential expenses. Failing to take into account the big picture can have a devastating financial impact down the road. Find out the signs that should make you think twice before buying a house.
You Do Not Have a Steady Paycheck
One of the most important considerations when buying a home is whether you have steady income. Buying a house may not be the best option if your paycheck fluctuates significantly each month or year to year.
Purchasing a property is about the long game. In most cases, you are signing a 15- or 30-year fixed-rate mortgage, meaning your payments are not going to go down unless you are able to take advantage of lower interest rates and refinance.
If you are uncertain whether your income will remain at its current level for the foreseeable future, you may want to think twice about tying your money up in real estate. Never count on income that is not guaranteed, and remember, just because you can afford a mortgage now does not mean that you will be able to later. Read More…
