Shouldn’t buy a Texas home in 2014? Yes, shouldn’t.
We’ve been telling you the financial and personal reasons why purchasing a home in Texas this year is a very good idea. But it’s not a good idea for everyone.
Here are the 4 reasons why you shouldn’t become a Texas homeowner this year:
- You plan to move to another city within the next two years.Even with prices rising, you could lose money on your home purchase if you need to sell within the next two, or even three years. Selling carries costs, such as the real estate agent’s commission and a seller’s share of closing costs.
If you’re already planning to relocate or haven’t yet decided that your current Texas city should be your permanent home, wait.
- You haven’t yet saved enough money for a down payment and have no cushion to set aside for home maintenance, etc.When it comes to buying a home, the more you can put down, the better. And while some loan programs will allow you to finance some or all of your closing costs, you’re better off to have that money on hand.
In addition, the bank will want to see that you have enough money in the bank to cover a couple months’ worth of principal, interest, taxes, and insurance.
You may also want to buy some new furniture and/or make small improvements to your new home. You’re better off when you can pay for those things – not add them to a credit card.
If your Texas home purchase will take your last dime, wait a bit.
- You actually enjoy moving to a different house or apartment every few years – and you don’t mind following a landlord’s rules.If you like a change of scenery every now and then, being tied to just one home isn’t for you. Keep your options open and retain the freedom to move on when the notion strikes you.
- You don’t want the responsibility of caring for a home or a yard.Some folks just don’t want to be responsible for anything beyond basic house cleaning. They want to leave the repairs, the maintenance, and the yard work to someone else. When they’re not at work, they want to relax, play, or perhaps take off for the week-end. They don’t want to work on household projects.
If that describes you, then you shouldn’t own a home. At least, not now.
If none of these reasons applies to you, then now is the time to become a Texas homeowner.
The first step is mortgage loan pre-approval – so you’ll know exactly what you can spend, and so homeowners will know that you can carry through on any offer you make.
Homewood Mortgage, LLC
Toll FREE: 1-800-223-7409
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We’ll be happy to provide that pre-approval. Just give us a call at 1-800-2232-7409 or apply on line at http://www.mikeclover.com.