March is the peak season for house listings, which means that you, as a buyer, might be thinking about what your next step is for your living situation. This big decision could likely impact your life for years to come. It may warrant the question, “Should I consult a financial advisor before buying a home?”
Though you may have already gotten advice from your real estate agent and mortgage broker, they’re not prioritizing your complete financial situation. A financial advisor will take a comprehensive look at your entire situation before giving you advice.
- A good advisor will help you build a strong financial plan to manage your current debt, giving you tips on how to budget and pay off loans, prior to looking at real estate.
- A good advisor will help you start the conversation by asking you important questions before you buy a home such as:
-What are your long and short-term goals? Knowing this will help you know how the home fits in.
-Will you be able to make a decent down payment? (10 to 20% down) Your down payment will impact your budget and more than likely your savings.
-What is your contingency plan if your job or family situation changes soon after buying a home?
- After you’ve bought a home and have lived there a couple months, you’ll get a better sense of your actual budget, which may include items you forgot to factor in. Your financial advisor will be there to help you readjust your budget for unaccounted costs, while also monitoring the rest of your financial goals.
Our team at PCIA provide a wide range of products and services to meet the expanding needs of each individual client. Our financial experts are passionate about applying their knowledge and expertise to help you reach for your financial goals. To get started, you can contact us at https://pciawealth.com/contact-us/.