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Why Is Financial Stability Important?

Friday, August 20, 2021   /   by John Salkowski

Why Is Financial Stability Important?

Here’s why I preach financial stability to my homebuyer clients.

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Financial stability is something that every homebuyer should have on their mind. The most important thing you can do before starting your search is to get a pre-approval from a reputable mortgage lender or mortgage banker. We can connect you with one of our trusted mortgage advisors to get the ball rolling. The pre-approval helps determine what you can afford and what your monthly mortgage payment will look like.

Another tenant of financial stability is knowing your monthly budget. What’s coming in, and what’s going out? If you’re on top of this, you won’t be house-poor when you purchase your next home.

"A home takes money to operate, and things will go wrong eventually."

I believe that having cash reserves is also very important. At the same time, you have to be disciplined with these reserves. They should be held specifically for things that go wrong with your home. A home takes money to operate, and there will be things that go wrong. There are no exceptions. You can purchase a home only to have the heater or A/C go the next month. Situations like that are why you need cash reserves.

If you have any questions about financial stability, buying a home, or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.

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