Purchasing your first home should come only after careful consideration of what’s going on in your life. It’s not a “one-size-fits-all” type of decision. Do yourself a favor and consider the following before jumping into the homeownership arena.
Are you working for a stable company? Is your position secure? Are you in a relationship with a person who lives out-of-state, or with someone who may want to relocate in the near future? Might you need to move soon to help elderly parents living in another area? Unexpectedly having to sell your home within a short amount of time after buying, could prove to be a costly undertaking.
How do you feel about home projects?
Are you ready for yard-work, painting, shoveling, washing windows, and all of the other maintenance projects that come along with homeownership? Are you an accomplished “do-it-yourselfer” or will you be hiring out most projects? Keep these types of projects in mind as you’re preparing to make the homeownership decision.
How are your finances?
Do you have a substantial nest egg? Do you automatically save money from your paychecks each month? If not, and you’re already using Fox’s online banking, log in now and set up automatic payments into a special savings account. Click on Pay & Transfer and then Transfer Money. You can choose monthly, bi-weekly, or weekly transfers to your special savings account. You can even name your new account anything you’d like. (If you aren’t already signed up for online banking, stop in at any branch and one of our friendly Member Service Reps will be happy to get you started.)
If money is deposited automatically, you won’t see the money, and you won’t miss it. Owning a home comes with a lot of new financial responsibilities. When the water softener stops working, you’ll no longer have a landlord to call to come in and fix it…or pay for it. You’ll be glad you’ve developed the automatic savings habit. It’ll help you through those unexpected times.
These are only a few of the things to consider before buying a home. Continue reading, researching, and learning more! With some careful planning, it can be a very exciting time in your life!