Will you stay put for while?
In order to make the investment worth your while, you probably want to stay in the home you buy for several years before you resell it. If you cannot imagine staying in Millburn-Short Hills, NJ for the next five years or so, it is probably not a good time for you to buy a home.
Is your life fairly stable?
Of course unpredictable things happen all of the time, but take a moment to think about potential major changes you can foresee. Is your job secure, or are you at risk of losing it? Is your marriage rocky, or going strong? Could you see yourself quitting work to go back to school in the near future? These are all things that should be taken into consideration before making a decision about buying a home.
Do you have good credit?
Perfect credit is not necessary for buying a home. That said, if you very bad credit, you do not want to start home shopping until you've cleaned it up. Having items in collections or loans that have defaulted will not help you when you're looking for a mortgage.
Can you afford what you want to buy?
Take an honest assessment of your financial situation and determine whether or not you can afford what you want to buy. Look at what you have saved for a down payment, what you estimate repairs, utilities, and property taxes will cost, and from there calculate the amount you can afford to pay each month. Is this enough to buy you the house you want to live in for the next several years?
Hopefully this post has helped you as you contemplate buying your first Millburn-Short Hills, NJ home. If you do decide to buy a home now, do not hesitate to contact me for professional help with finding the perfect home for you and negotiating a reasonable price.
Elaine Pruzon
Coldwell Banker Residential Brokerage
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