Signs You're Not Prepared to Purchase a Home in 2024
3 Signs You're Not Ready to Buy a Home This Year
There are plenty of benefits to owning a home rather than renting one. Instead of paying your landlord money each month, you're putting that money toward a mortgage that helps you eventually own a valuable asset outright.
Plus, as a homeowner, you're the one who gets to set the house rules. You don't have to listen to a landlord who might ban dogs or insist that you leave the walls drab gray like they're currently painted.
Signs you're not ready:
- You don't have a large enough down payment for a conventional mortgage
- You don't have a complete emergency fund
- You have a lot of high-cost debt you're still carrying
Conclusion: If these signs apply to you, it may be that 2024 isn't the best time to buy a home. It could pay to work on building savings, paying down existing debt, and revisiting the idea of homeownership in 2025.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.