5 Reasons I Won’t Be Buying A House in 2019

So, my biggest goal this year was to buy a house. I set this goal in the middle of last year. After talking to a friend who is a financial consultant and listening to the latest podcast on Experiencing Motherhood Single and Black, it seems that buying a house just isn’t logical right now. Here are a few reasons why:

  1. I haven’t saved enough money for a down payment. Yeah, I was banking on using my income tax, but at the same time, I have debts to pay and bills that are due now.
  2. I don’t have the money to furnish a house. Not only would I need a down payment, I would need money to buy the things that go inside the house.
  3. Maintenance costs, cost, which again, I don’t have the money for. In an apartment, maintenance is already covered in the rent. In a house, you’re on your own, even with home buyer’s insurance.
  4. My credit score isn’t where I want it to be. Yeah, it’s better than good enough to get a loan and a good interest rate, but my debt to income ratio is not at all appealing to lenders.
  5. I decided I really need to focus on paying off debts and not adding on debts. Two of my other goals for the year was is to pay off my CC and personal loan. I need to start with small milestones.

As you can see, clearly I am not ready to buy a home and I’m glad I hadn’t gone to view any homes or started the home buying process. Once I get my debts down and my income to debt ratio is better than superb, I will revisit this. Until then, I’ll be kicking debts ass.

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