Have you been browsing online sites for houses for sale? Have you been taking quick stops at some nearby open houses? Have you been trying to compute how much it will take for you to be able to afford the house you’ve been eyeing? If so, then you must be in that stage where you think you are ready to buy your first home.
However, buying and owning your first home will require not only a deep desire to purchase one but more so, the energy, patience, and of course, financial preparedness for a very challenging and possibly time-consuming process. Are you truly ready for this? Here are some ways to find out:
- You can see yourself living in the same space for years.
It doesn’t make sense to be a homeowner if you only intend to stay in that house for a couple of years. Why? First of all, there are fees associated with your mortgage, as well as maintenance and repair costs that you would need to take care of. With this in mind, you should know that selling a house after three or four years of paying a lot is impractical. You should be ready to stay in one area and have a secure employment nearby.
- You have a pre-approved loan.
Assuming that like most people, you will require a mortgage. With the price tags on properties that are available these days, you definitely will need financing. Not all agents would be willing to spend a second longer with you once they have learned that you have not been pre-approved for a loan. So before any other step is taken, make sure you speak with a mortgage professional about it.
- The timing is perfect for you to move into a house of your own.
Surprisingly, not everyone considers this factor when deciding about getting a place of their own. If you are presently renting then you should consider how much time you need to give your Landlord appropriate notice that you will be leaving. You need a workable time-frame that fits just right.
- You have enough savings.
It is important that you have money enough not only to cover your down payment but also for emergencies, as well maintenance and moving costs. Some of these maintenance tasks are cleaning, window-washing, mowing, pest extermination, and more. Yes, you can do most of these on your own but you would still need to get the necessary equipment and supplies.
- You acknowledge and accept the challenge.
There are some first-time home buyers who are a bit disillusioned about the idea of buying a new house. They focus on the fun side of finally having a home to call their own without realizing what a challenging feat it would be. You have to be realistic about the whole thing. Know how much hassle is involved, how costly it could be, and how much patience is expected of you. You need to be emotionally ready. You have to be prepared to make smart decisions, too.
If you think you have all of these signs, then you are ready for your first home! However, if you think you only get two or three out of these five, you might still need some time. Buying a house is not something you rush into. After all, it is considered to be among the most important commitments you’ll ever make.