What's the Right Time to Buy a House?

0:00how to know the right time to buy a house. This is a money minute from InCharge Education Foundation and MilitaryMoney.com. When buying a house, it's easy to be dazzled by granite countertops and blue swimming pools. The real challenge is keeping practical matters at the top of the list of things you're looking for in a new home. Here are three questions to ask yourself before buying a home. How long will you be staying? There are added risks to buying a home if you or your spouse are in the military. You must know how long you'll be in your current location. Even if you're staying for five years, that's only one-third or one-sixth of the life of a typical mortgage, selling a home while having so much of a mortgage remaining could put you in a very tight position. How stable is your employment? Since a mortgage is such a long-term commitment, it's important to know if you'll be able to handle that commitment now and 20 years from now. Aside from your job stability and income, an emergency plan is vital if you're going to become a homeowner. Remember that there are plenty of ways to optimize your finances now so that when you do buy a home, it will be the home of your dreams. This money minute is made possible by InCharge debt solutions. Visit us online at www.incharge.org.