The “Am I Ready to Buy a House” Checklist

 

 

If you’re considering buying your first home, you probably have a list of “must-have” features. It might be as simple as three bedrooms, two baths. Or maybe your checklist includes a breakfast nook, stained glass windows, a home theater and a claw-footed bathtub.
Regardless, you’ve put a lot of thought into what you want out of a home.
But many people fail to give that same consideration to their financial situation and whether they’re truly ready to become a homeowner. Many people are not quite ready for the financial responsibility of home ownership, and jumping in before you’re prepared can result in significant financial harm.
So, how do you determine if buying a house is a good money move? Here’s a checklist of financial and personal goals to accomplish before you set out to buy that first home:

You’re a budget mastermind.

Were you born with the innate ability to manage a budget? Probably not. Budgeting skills have to be learned, and successful money-management is often the product of a lot of practice. If you’re a good budgeter, you:

• Know where your money comes from, and where it’s going, each and every month
• Pay off your monthly expenses without going into debt
• Funnel a portion of your monthly budget into savings

If this sounds like you, you can check off this box!

Debt doesn’t control your life.

Bear in mind that a mortgage is debt. It’s a great investment, but it’s still an obligation that you have to pay off.
Before you buy a house and enter into more debt, gain control of debt you already have. High-interest debt should be your first target, and something you should pay down before you buy a house.
But having some debt doesn’t preclude you from buying a home. For example, lower-interest debts like student loans and car payments can typically be managed alongside a mortgage payment. If you’ve worked the payment of these debts into your monthly budget, and you’re paying them off at a reasonable rate, you might be ready to buy your first home.

You’re ready to be landlord-less.

Landlords can come in handy when something breaks. They’ll get it taken care of, and foot the bill too!
But when you own your home, you won’t have a landlord to depend on. When anything breaks or wears out, it will be your responsibility to fix it. And you’ll have to pay for it too.
A lot of people gloss over this area of homeownership. Be sure you think honestly about whether you’re ready to take on that kind of responsibility.

You have a sizable emergency fund.

So how are you going to pay for those home emergencies? Every financially responsible adult should have an emergency fund. Not only will this help cover the cost of any home disasters, but it will help cover your mortgage payment and other monthly bills if you happen to get sick, lose your job, or encounter other unexpected events.

Your income is reliable.

When you take on a mortgage, you’re entering into a serious long-term financial commitment. You need to be confident that you’ll be able to afford your mortgage payment a year from now, 10 years from now and even 20 years from now.
You should have a stable income as well as at least one to two years of employment history at your current job.
If you have any doubts about your job or financial situation, don’t buy a house: not being able to afford your mortgage could have serious implications.

You have a decent credit score.

Most mortgage companies have a minimum credit requirement to obtain a mortgage. Getting a mortgage with a poor credit score may mean a higher interest rate, and that you’ll end up paying more over the life of your loan.
Generally speaking, having a better credit score means that you pay less to own your home. So, before you become a homeowner, beef up that credit score.

You’re ready to make the commitment to stay in one place.

You should be able to live in the same place for at least five years. The graduate student who is looking to travel the world, for example, is not a good candidate for homeownership. It doesn’t make financial sense to buy a home if you’re not really ready to settle down.

You’ve saved for a down payment.

Most mortgages require a down payment. The larger your down payment, the less interest you’ll end up paying on the loan. If you can save up the thousands of dollars required for a down payment, chances are, you’re in a good financial place to make a home purchase.
Buying a home is a serious commitment—and likely the biggest financial decision you’ll ever make—so it’s important to make sure you’re absolutely ready.
If you’re able to check off this whole list, congratulations! If not, keep working hard to get your finances under control: homeownership may be in your future yet!

5 Tips to Take Your ATV Virtually Anywhere

 

ATVs—known as four-wheelers among those who use them—have become essential transportation for outdoor enthusiasts of every stripe seeking to access and explore everything from the back 40 to truly remote backcountry. Virtual mini-tanks on wheels, they can travel off-road up and down hills, between trees, over rocky ground and through mud and shallow water.
But, they can also be dangerous if not used properly. According to the latest ATV statistics on record from the Consumer Product Safety Commission there were 317 deaths and 115,000 emergency room visits as a result of ATV accidents in 2010. To make the most of your next ride (and to do it safely), follow these tips from Field & Stream’s Camping Guide and the ATV Safety Institute.

Safe Climbing

When approaching a steep incline, put the vehicle in the lowest gear that still allows sufficient forward momentum. Lean forward, standing if necessary, to keep your weight centered and low to the ATV, while keeping your hands solidly on the controls and your feet on the footrests. Approach the hill straight on, never at an angle. Maintain a slow but steady speed. Avoid pressing hard on the throttle, as this can spin tires and lessen their contact with the ground, making the ATV less stable.

Going Down?

Aim the ATV directly downhill to keep the weight distributed across all four tires. Put the ATV in the lowest gear to minimize speed, and lightly feather the brakes during the descent. This can prevent tires from locking up, which can cause the ATV to slide on loose or muddy ground. It also helps maintain a safe speed. Lean back as far in the seat as possible without losing reach of the brake controls. This will better distribute your weight over the quad, ensuring a low center of gravity until on level ground.

Negotiating Obstacles

When approaching uneven ground, logs, rocks or other obstacles, lock the ATV in four-wheel drive and slowly approach from a perpendicular angle. Pull to the edge of the obstacle and then apply enough power to crawl over the log or rock, keeping in mind that it might not be sturdy. Stand or lean if necessary to shift your weight so that the ATV remains balanced and in contact with the ground or other solid surfaces at all times.

Hauling Loads

Secure heavy loads on the ATV’s rear rack, as close to the center of the vehicle as possible, using ratchet straps or strong bungees. However, if you’re climbing a hill, temporarily place the load on the front rack to keep the front of the quad on the ground during the climb. If at any time a load is so heavy it causes tires to lift or hinders maneuverability, drag the items behind the ATV instead or divide the load and make separate trips.

Crossing Water

First, determine the water’s depth and be sure it isn’t so deep it will go over your engine’s air intake. This can lead to a stalled or even ruined engine. You should walk the path to assess the water depth and to spot any submerged obstacles. Avoid fast-moving streams and only cross where there is a gradual incline upon entering and exiting and the bottom is rocky or solid. Maintain a constant speed, watching for submerged obstacles, and remember when back on dry ground that your brakes may be wet and will not work as well until they dry. Speed the drying process by lightly applying the brakes as you ride.
These tips should help your next ATV adventureto be safe and worry-free. What’s the best ATV trip you’ve ever taken?
Photo Attribution: Photo courtesy of ATV Safety Institute

SAVE »

 

 

Four-Year Survivor Finds Blessings in Cancer Battle

Article date: July 18, 2011

 

"I trust the lord and his plan for me is perfect, so whatever that will be, will be."
    

When she was diagnosed with breast cancer 4 years ago, Debbie Simpson, 51, says it seemed like “the worst thing, the big ‘C’.” But since then, she says, she’s had many amazing experiences and received many blessings. One of those has been the opportunity to help other women with breast cancer.
Simpson is a team captain for the American Cancer Society Making Strides Against Breast Cancer walk in Jackson, Mississippi. The 40 members of her team are associated with the Cancer Care Breast Services at the University of Mississippi Medical Center (UMMC). She recruits and motivates volunteers, organizes the team and develops creative fundraising ideas like raffles and bake sales.
Team member Roy Duhé, a cancer researcher at UMMC, calls Simpson a hero because of her enthusiasm and commitment. He says, “It’s an honor to work with Debbie on a cause that’s so important to both of us.”

‘In Control’ During Treatment

Simpson has always been good about getting her annual mammogram. In 2006, she noticed changes in her breast and became concerned, but her checkup detected no cancer. Then, a year later, she learned she had been misdiagnosed. She had a stage 3 triple negative carcinoma, a kind of breast cancer that spreads and grows quickly.
Her treatment included chemotherapy, surgery and radiation. Toward the end of her first round of chemo, she felt very tired. Another chemo drug made her feel like she had a bad case of flu. But Simpson says the most traumatic side effect was losing her hair. So, when it began to fall out, she decided to become proactive. She thought, “I’m going to be in control of this.” She and her husband went into the bathroom and shaved it completely. They had a good cry afterward, and then she says, “I discovered I have a real pretty head!”
Simpson also discovered the TLC catalog, which offers wigs, other hair-loss products, and mastectomy products to women dealing with cancer. Simpson says her favorite wig came from TLC and cost only $42, a lot less than another wig she bought.

Realizing What’s Important

But the biggest support she received, says Simpson, was from her sister, who is a 19-year breast cancer survivor, her entire family, community and church. Friends cooked meals for her family, a husband and teenage son and daughter who were still living at home. They asked her out to lunch and celebrated milestones, like the end of her treatment, with parties. Women from her church prayed for her and sent encouraging letters.
She says the experience has helped her realize what’s important, like slowing down and taking stock of things. “I didn’t get as bent out of shape when I came home and the laundry wasn’t done. I realized it was more important to sit outside on the swing and talk to my little girl than to clean the house.”
Simpson wanted to help other women with breast cancer and approached the UMMC about meeting with newly diagnosed patients. This eventually led to her current job as administrative assistant for University Cancer Care Breast Services at UMMC. And she plans to train for the American Cancer Society Reach To Recovery mentoring program, which pairs breast cancer survivors with patients who are newly diagnosed or in treatment.
August 2012 will be Simpson’s 5-year anniversary. She’s had no recurrence of the cancer. She says her experience has taught her to live for today. “I trust the lord and his plan for me is perfect,” she says. “So whatever that will be, will be.”

 

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