If you’ve been dreaming about buying your first home, but are wondering if you are actually ready, these tips can give you a little insight into your readiness. Of course, when you’re ready, working with a leading real estate agent will be an important part of helping new home buyers find the home of their dream.
1. If your rent is higher than a mortgage for a similar type property. Keep in mind that you can’t just compare rent and mortgage costs; home ownership means you’ll have other expenses, such as property insurance, home maintenance, and repair costs.
2. If you have stable employment and the future of your job looks secure. Of course, whether you rent or buy, you’ll need income to cover housing costs; however, once you purchase real estate, it can be much harder to pack up and relocate for a new job.
3. If you’re fairly certain that you won’t be moving in the next 5 to 7 years. Selling after only a few years will likely mean that you’ll lose money on your home.
4. If you’ve saved enough money to cover your down payment.
5. If you’ve met with a mortgage professional and have received pre-approval for a mortgage.
6. If the timing is right. It often doesn’t make sense to think about buying a home if you still have a long lease on your current rental property. Similarly, if you need to move in the next few weeks, trying to buy a home might not be your best option.
7. If you have realistic expectations. Purchasing any type of real estate comes with some ups and downs, it’s important that home buyers are able to remain somewhat open to handling delays and disappointments.
8. If you’re willing to compromise. Often times, the property of your dreams is either not available in the area where you are looking or it is out of your price range. Compromise is often key to finding a great home.
9. If you find a home that’s for sale and it meets all of your needs as well as your budget.
10. If you’re ready to take on the commitment of home maintenance and a mortgage.