Are You Really Ready For a House?

I have talked with a lot of families over the last couple of weeks. It seems that my articles on qualifying for a good home loan and buying a home after credit or foreclosure issues have created a lot of interest. Many families have applied to get into our program. So many people have applied in fact that I am almost filled for the year with our one-on-one coaching spots. So to those of you who have applied and not been accepted yet I apologize. My staff and I are working quickly to get you into the coaching program.

But as I go through the applications on my desk a few items come to light. Some people are really NOT ready to buy a house. When I say not ready I don’t mean that they can’t afford the house. I mean that they have not grasped all the expenses and responsibilities that go with owning a house.

For example, several families that I have talked to over the phone have said that they have no savings at all but they want to buy a house because they are tired of making their landlord rich. Well the first thing I tell them is that when you have a landlord and the furnace breaks it is his responsibility to fix that furnace. When you own a house, you will be responsible for fixing your own furnace. If you have no savings then how are you going to fix a furnace and still pay your bills that month?

The answer most people give me is I don’t know. Or what about when your kids really need something for school and you only have the money you budgeted for to pay the mortgage payment. Which one would you choose? Now, most people told me they would choose the mortgage but when faced with the real dilemma I believe they will choose their kids. I’m not saying this to be mean but I am trying to explain that unless you have taken steps to prepare for the unknown then you are not really prepared to buy a house.

All of us can have a financial setback that can put a dent or sometimes even wipe out our savings. But the difference between those who plan and those who don’t is that the planners can recover quicker because they have already set up the habits of saving.

So in conclusion, before you commit to buying a house, make sure that you have some savings and not just savings, but a planned budget of spending less than you bring in each month. This is the only way to get ahead. The best part is that it doesn’t take much to begin saving. It just takes a little cash and a little determination.

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