Taking the leap and buying a home is not a decision that should be made lightly. Buying a home is one of the biggest financial decisions you will make in your life, so you should make sure that you are in a position to do so responsibly. With that being said, you may be ready to buy if you can say yes to the following items.
Before buying you should take stock of the debt you hold. Are you in a position to take on a mortgage payment on top of other debt such as student loans, car payments, and personal loans?
If a life emergency happened would be able to financially withstand it? You should ensure that you are in the position to be able to still pay your current bills as well as a mortgage if an emergency were to happen. Being able to handle payments if anything were to break with your new home is also important to consider.
Before touring homes you should at least have a downpayment saved up. That way you are financially prepared for when you find your dream home! Especially in markets that move fast, it’s a good idea to be as prepared as possible so you can put in a timely offer.
You’re Ready to Tackle Projects
Having a mortgage means you are responsible for fixing anything that goes wrong. Being a homeowner means you will have to get your hands dirty. Do you own a set of tools and know-how to use them? You will want to be prepared for any minor issue like a clogged pipe or a leaking shower head.
The Space you Have Now no Longer Fits
There are lots of practical reasons why you would want to buy over renting. One of these reasons would be the size of your current space. Does your space not fit your lifestyle or needs when it comes to amenities or size? Buying may be a better option if it is also a better deal to buy in your market. Want to know how much home you can afford? Check out our Mortgage Calculator.
Location, Location, Location
Buying a home is a serious decision that will affect you for years to come, you want to make sure (to the best of your ability) that you will be staying in the community you are buying in for the next 5 years.
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