So, you’ve graduated school, just gotten your first job, and you’re living with your parents. You’re thinking it’s time to move out, but are wondering if you should rent or buy. It’s always been your dream to own your own home, but you’re wondering if you’re ready. There are some young people in their 20s who CAN be ready to buy a home, but many aren’t. Read this post by Catherine at Plunged In Debt; here are the signs that you are most likely NOT ready to be a homeowner:
-You don’t budget your own income- you have no clue how much you make each month, and where your money is going. The number the bank gives you for how much home you can afford is NOT how much you should spend.
-You need to borrow money for a down payment- if you’re not financially responsible enough to aggressively save the cash yourself, you’re not ready for a mortgage.
-Your income is unstable- you need to have been employed in the same place for at least two years.
-You have massive consumer debt.
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