How Do You Know You’re Ready To Buy a Home?
The best part of a movie is often when it’s time for the hero to face their big challenge. They usually say something like “I don’t think I’m ready”. That’s when the fun usually starts!
Buying a home is more than likely the biggest financial investment you’ll ever make. So how do you know when you’re officially “ready”?
Here are a few questions to consider when you’re deciding whether to take the leap:
Are You Settled in Your Career?
Owning a home means you will have to make your mortgage payment every month, no matter what. If you rely on your job to pay your bills, quitting without another job lined up or substantial savings is not an option, even if you are not happy at work.
People with jobs are paid at regular intervals. Self-employed people, however, often have a different schedule when it comes to paying themselves.
If you recently opened a new business, you may want to wait a bit before buying a new home.
What Does Your Credit Look Like?
The state of your credit has a big impact on what kind of home loan you qualify for.
If your credit is good, you shouldn’t have any problems qualifying for a loan.
If you’ve had credit issues in the past, the sooner you address them, the better.
It’s not uncommon to find out during a credit application that you have delinquency or collection being reported which you may believe are incorrect. Credit disputes happen all the time.
Do You Have a Cushion of Cash Each Month?
It takes more than just a down payment or a few months of savings to own a home.
When you’re renting and the AC system goes out, you call the landlord or the owner and they fix the problem.
But when you own a home, those home maintenance responsibilities fall to you.
Keeping your home well maintained and nicely landscaped is a great way to increase the value of your home. That’s why having a cushion for home maintenance is always a good idea.
Plus, nothing feels better than driving up to your home & feeling the pride of seeing nice landscaping, fresh paint or any other improvements you may have made.
What’s Ahead For You In the Next Few Years?
Are you planning to start a family soon & need more room?
Do you have children that are about to start school or move up in school?
How long is your commute to work?
These are all important factors when buying a first home and the sooner you start planning, the better!
Are You Ready To Be Your Own Hero?
Moving closer to work, near better schools or into a larger space are great reasons to finally become the hero of your own story!
Sure, you may not “feel” ready, but being nervous is part of the process!
The joy & pride you’ll feel as a new homeowner is worth it!