Deciding to build or buy a home for your family is a very bog decision that needs to be taken very seriously. After all we are talking about investments and long term mortgage fees here. However the major question that you should ask yourself is are you ready to buy a new house? The answer depends on you and your current financial status.In this article, we will be talking about the telltale signs that signifies that you are not yet ready to become a certified homeowner. Maybe reading this article will make you think hard and long if you are ready to talk to builders for a brand new home. Or maybe postpone your plans for a couple of years till you can finally say that you are ready to own your own place. Visit this link https://glencobuildinggroup.com.au/dromana/ for more info on builders Dromana.
You are broke
Do not ever think about applying for a home loan or mortgage if you don’t have enough money in your savings account. Make sure that you have an emergency fund that is worth your 6 months gross monthly income to help cover your due in case you end up losing your job.
You just graduated from college
Do not rush yourself into getting a new house right after graduating from University. First you need to focus on finding a good paying job that would be able to pay your educational loans that can last for 5-10 years. Second you need to have a stable job by being employed for a couple of years under a good company, as this would help build your credibility before getting approved by banks and financial institutions.
You have lots of debt
If you currently have existing student loans, car loans or several credit card debts you must calculate your monthly bills and expenses including the additional monthly mortgage fees and analyze if you can still afford to sustain your other needs such as food, electricity, water and cellphone bills. If you think that you are going to have a problem with your finances in the long run then its better to discontinue your plan to hire home builders Mornington Peninsula and reassess your status after 12 months or so. Always remember not to get yourself into a long term obligation that you cannot fulfill.With regards to credit card debts make sure to settle them promptly in order to help maintain a good credit standing. Should you apply for a home loan in the future, you will have a great chance of getting approved.