Why you should not buy a house?
High Debt Ratios
Lenders change the rules all the time for debt ratios.
If bills eat up 50% of your gross income every month, you probably cannot afford a mortgage payment on top of those expenses.
Consider paying down or paying off your credit cards before buying a home.
What are disadvantages to owning a home?
Disadvantages of owning a house
- Liabilities. To acquire a house costs big money even in credit.
- Repairs and maintenance. Even with good maintenance in some years property will lose its appearance and requires additional investment into it.
- Utility bills. The bigger the house the higher utility bills you have to pay.
Is it a good idea to buy a house now?
Buying a house is a good way to start building financial security. As you pay down the mortgage, you build up home equity, which is a valuable financial resource. Mortgage rates are low right now, so if you think you’re ready to buy a home, it’s a good time to make the move.
Should I buy a house now or wait until 2020?
The economy and interest rates. Interest rates are expected to remain low throughout 2020 and rise in 2021. As of February 2020, rates fell for the third week in a row to 3.45% for a 30-year fixed-rate mortgage. Thus, it might be better to wait until 2021 when the market is expected to cool down further.”