Updated: November 13, 2022
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What you’ll hear in this episode:
Are you thinking of finally buying your dream home for your family? Then make sure that you’re ready for the financial responsibility.
In this episode, you’ll hear the 8 important questions you need to ask yourself so you’ll have a better idea if it’s now is the right time to buy your dream home.
The 8 questions are:
- Are you financially responsible?
- Are you patient?
- Do you know how to maintain a home?
- Are you ready to settle down?
- Are you financially stable?
- Do you have enough cash savings?
- Are your debts in control?
- What is your ideal home?
If you answered positively to most if not all of these questions, then YES, you’re definitely ready.
Excerpts and Highlights:
Being a homeowner means you’re responsible for everything inside your property. This time, there will be no landlord to call when there’s trouble.
It’s not recommended to buy a house if you’re thinking of moving to another place after five years. It will be another long process should you ever decide to sell your home.
Never purchase a property without considerable savings. Relying on your monthly paycheck to pay for the loan can leave you bone-dry, especially if a financial emergency happens.
With a mortgage coming into the picture, it’s best if you can set aside around 30% of your income for monthly loan repayments. This will give you enough elbow room to take care of other expenses.
Always remember that home is not just a place. It is, more importantly, the people you love. A house is just a house until it becomes a home when love is shared within your family.
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