![]() This could be a week, or it could be a year. However long you choose to wait, it should be based on what works best for both parties. Instituting a ‘wait-and-reflect’ period for large purchases can add invaluable perspective and curb the ever-so-easy impulse spending.” “One of the best ways to make easier financial decisions is to ask yourself if this purchase aligns with your long-term goals before you splurge on the newest smartphone or a luxury vacation. “Communication will be key for any couple when discussing finances,” Hybart said. But many people skip this step or don’t have solid communication skills, thus delaying their homebuying journey. If you’re buying a house with a partner, communication is essential to ensure you’re both on the same page and can realistically afford the purchase. ![]() Housing Market 2023: These 15 Cities Are Poised for the Most Stable Growth and Are Likely To Keep Their Value Lack of Communication Plus, having more debt means you have less money for a down payment or other upfront costs when getting a house. The more debt you have, the harder it is to find a lender willing to work with you and give you the best rates on your mortgage. Those small monthly payments all add up and increase the debt you owe.” “The world loves to market the zero interest and small monthly payments on items that are not necessities. “Then, there’s the debt trap of borrowing for today for instant gratification at the expense of your future,” Hybart said. The debt trap is another major complication that can delay homeownership. Or, as Hybart put it, “You get a pay bump, and it’s tempting to upgrade your car or take a vacation instead of saving it for a financial goal.” Lifestyle inflation is essentially when your pay increases, so you start spending more money. ![]() “Two hurdles to homeownership that keep people from owning a home are ‘Lifestyle Inflation’ and the ‘Debt Trap,'” Hybart said. GOBankingRates recently spoke with Erin Hybart, a licensed real estate agent in Louisiana Nicole Beauchamp, a licensed associate real estate broker at Engel & Volkers and Scott Bergmann, a realtor with Realty ONE Group Sterling, about the top financial factors preventing people from buying a home. See: 3 Things You Must Do When Your Savings Reach $50,000 ![]() Housing Market 2023: The 10 Most Overpriced Housing Markets in the US - 5 Are in Florida At the very least, they can cause delays - sometimes adding months or even years to your homebuying timeline. But no matter how excited you are about the prospect of buying a house, or how ready you think you are, certain financial factors and money habits can keep you from getting to that point. Being able to purchase residential property and finally have a home of your own is a dream come true for many people. ![]()
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