Your House - Your Nest Egg
No matter what real estate trends look like, buying a house is always a big decision.
So when is the right time to make this investment?
Women view buying a home as a top priority. In fact, 13.6 percent of women under 25 are homeowners – with more single women owning homes than single men.
You know the real estate market varies from place to place, so the choice ultimately depends on your personal situation.
Your income is a crucial factor – 75 percent of women are buying homes under $200,000 to match their earnings. Ideally, your mortgage should be no more than 25 percent of your income after tax.
Then, there are lifestyle factors to consider before buying. Age, profession, marital status, children and/or pets top the list, when selecting a home.
Before buying, consider the most important financial question: “Do you have enough money to make your mortgage payments?” That’s according to Nancy See, a broker at Sotheby’s International Realty.
See adds that at 3.85 percent, mortgage interest rates are historically low right now, and says she thinks: “Buying the home is the way to go today.”
Top tips for home buyers? Along with thorough research, an experienced realtor, and a good mortgage lender, shore up your credit and make sure that you can commit to remaining in one place for a few years.
Bonus PINK Link: Big decisions can be overwhelming. Here’s how to catch your breath when you’re running on empty.
Are you ready to buy a new house?
By Louise Cook
“It takes as much energy to wish as it does to plan.” Eleanor Roosevelt
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