5 signs now isn’t the right time for you to buy real estate in Charlotte NC:
1. You had a foreclosure or bankruptcy recently….need I say more?!?!
2. You’re in credit counseling or a debt management program. Educating yourself about how to appropriately use and manage credit/debt is fine but if you’re in such a program now you haven’t mastered that skill and should NOT be taking on homeownerhip right now!
3. You have no money saved and pay for monthly bills with credit cards. If you’re not earning enough to cover your debts and expenses now, adding a mortgage to the mix is NOT advisable.
4. You expect to make a large profit and build double digit equity within the first year or two. Real estate in Charlotte NC is long term, this is not the stock market. Be prepared to marry a home and be in it for the long term. Whether that’s 4, 5, or 10 years depends but expecting to make a quick buck by buying and selling every year is not realistic.
5. You don’t want to or aren’t prepared to be responsible for maintenance, upkeep, repairs, updating that come with all homes (regardless of a home’s age). There’s real estate that you don’t have to worry about maintaining…it’s called a rental.
If none of these 5 scenarios apply to you and you’re serious about becoming a homeowner, you have money in savings, and are prepared for the responsibility that comes with owning a home, the next step is learning about pre-approval for Charlotte NC real estate.
Buying real estate in Charlotte NC shouldn’t be based on the fact that you saw a house online that looks amazing or you think it would be fun to own a home. Purchasing and owning real estate is a big decision and shouldn’t be taken lightly.
So is now a good time for you to buy real estate in Charlotte NC? Only you can truly answer that question.
Related Articles: What Does A Buyer’s Real Estate Market Mean In Charlotte NC?
Property Condition And Charlotte NC FHA Buyers
Days On Market And Homes In Charlotte NC
Pre-Approval In The Charlotte NC Real Estate Market
Copyright©2008 by Diane McDermott, All Rights Reserved, “5 Signs Now Is Not The Right Time For You To Buy Real Estate In Charlotte NC”