Some sobering news is making headlines: recession may be possible in the coming months. It̵
Plan your strategy
Here are some ideas you can use.
- Do your research
It is important to research a house before placing an offer on it. Check out any online reviews from previous owners and look up information about crime in the area or any planned construction nearby that could affect the value of the property. Be sure to have some inspections done on the house before you sign anything. It can save you from expensive repairs later on.
- Be creative with financing options
If traditional financing isn’t an option, get creative! Look into alternative options, such as government grants or loan programs, that can help ease some of the burdens of buying a home during a recession. If you are going to request a loan from someone, make sure there is legal documentation to be signed by both parties stating how the loan will be repaid, and that the agreement is contractually binding on all parties involved.
- Get to know your financial well-being
Before you start house hunting, it’s important to assess your financial well-being. First, take stock of your current income expenses and compare them to the latest trends in the housing market. Then research any additional costs associated with owning, such as property taxes, insurance, repairs, etc., and create an emergency fund should you need it.
- Consider Fixer-Uppers
Because many people are hesitant to invest in their property during recessions, more fixer-upper properties may be available at discounted prices than usual; these can be great opportunities depending on how much work needs to be done and how capable you are of taking on these projects. Plus, the money saved by having fewer repair bills up front can be helpful later when you’re building equity in your new home.
- Seek help from professionals
The kind we’re talking about is from those familiar with financial wellness strategies. These people can direct you to the right type of financing and help you develop a workable budget that can cover recurring expenses such as mortgage payments. Nationwide Prepaid Legal Services offers a staff benefit that concentrates on an individual’s financial well-being. We also have a unique benefit for first-time home buyers.
Nationwide way
Our nationwide network of certified advisors help employees with everyday money challenges. For example, counselors can help develop a personal budget, provide ideas on how to manage medical bills, and meet college debt payments, among other services.
Our homebuyer program, “Make Your Move,” is designed to help a first-time homebuyer make the necessary decisions for that big purchase. This is a self-study course that acquaints a person with all the essential aspects of buying a house. Our advisors provide experienced advice and do a budget analysis for a plan member. The result is someone who knows more about buying a home and how to finance ownership.
We have an advisor in every community where there is a nationwide client. Customers help us create their own financial wellness program and we provide administration and membership services. Best of all, our advisors are experienced professionals with great empathy. We expect them to listen carefully to each Financial Health Plan member and treat each member with courtesy and respect.
If you want to know more about Countrywide, you are welcome to contact us at your convenience. We are happy to answer all your questions and explain our benefit options.
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