6 Signs That You Are Not Ready To Buy A Home

Buying a house is a great way of life, so you need to consider carefully before making a decision to buy a home. By listing some of the signs below, Vietnam Real Estate will show you whether this is a good time to buy a home.

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The first sign: You have to spend more than 30% of your monthly income to pay the rent

Personal finance experts say the basic principle of buying a mortgage is that it does not cost more than 30% of your monthly income. If you pay 30% of your rent, you will be in trouble because there are so many unexpected problems in your life.

Second Sign: You do not have enough money to spare

Before buying a home, you should plan a specific budget, avoid the case of buying the home is not smooth

Two financial experts Americans Pollack and Olen said: “All of us will experience the events financial surprises. There are sick, people lost jobs, the insurance company refused to pay the hospital fees, However, the bank will always ask you to pay on time, so it is very easy to buy a home if you do not have a full backup. financial trouble “.

Third Sign: You have other big spending plans in the next few years

The budget to buy your home should be balanced with future plans. If you do not have a big plan, it will be easier to pay for your home. For example, now you can pay $ 1,000 a month for a home, but if you have children next year, can you guarantee that? If not, rethink your priorities.

Fourth Sign: You plan to move in the next 5 years

If you are planning to move to another place within 5 years, consider buying a home

Buying a house as well as investing in stocks, will have the best effect in the long run. It will take you at least 5 years to reach the break-even point. In the first few years, your monthly installments are mostly interesting, not principal. Breach is the time when the cost of buying a home is lower than renting a home.

Ramit Sethi, an author of “I Will Teach You to Get Rich,” says that this time should be 10 years. “The longer you stay in that house, the more you save.” If you sell it through a traditional real estate firm, you will have to pay a brokerage fee of 10 or 20 more years. “

Fifth Sign: You are in debt

If you are in debt with a large amount of money, do not risk buying a home

Having a little debt is not a big deal. However, if the amount is large, it can limit your ability to buy a home. If the sum of all debt, such as a car, tuition, credit card, up to 43% of income, you will be very difficult to buy a home.

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Sixth Sign: Forget about the costs incurred other than house prices

When you buy a home, you will not only lose your initial purchase, but also tons of other hidden taxes, such as you will have to pay for electricity, moving, maintenance and repair. The real price of a home is not the most important cost. It is important that you spend a lot on maintenance of that house.

In addition to the house price, there are many other costs you need to know

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