We’ll go straight to the point. The question that you need to seriously address here is: “How stable is this income?” “What’s the likelihood that your income will remain the same or increase in the next six months?” “What about the next year?” If you’re unsure of your future income situation, then picking up a mortgage isn’t the brightest idea at the moment. Maybe you can wait a few months more until you have a clearer picture of your future earnings or you’ve built up your savings a little bit more. Moreover, it is important to know your credit score to determine your capacity on the interest rate you’ll obtain on your mortgage if you get approved. The cost of the property must also be considered. Otherwise, your dream home could end up becoming more of a worry than an escape.
It is always important to be aware of what your goals are in finding and buying your dream home. That way, you can guide your home-search away from those impulsive, unimportant qualities and avoid having your idealistic living experience marred by some actions you cannot undo. Questions like – “Are you single at the moment?” “Are you in a long-term relationship?” “How many children do you have or planning to have?” Your life situation can change overnight or in a few months. Therefore, it is really important to determine what your goals are on the property, as it will also help you decide if you want to buy a new home or an old house to be flipped. You may also find the right location of your property, the right neighborhood and surrounding areas, the right homestyle and the right space once you completely identify and establish your goals.
Not everything has to be taken care of immediately once you’ve selected the right property. But you’ll want to have at least an idea of how much work it will take to transform the property into the dream home you’ve been waiting for. As it will also be an investment on your side should you decide to have it sold by an agent later on, it is always important to seek a professional who are experts on this industry.