There comes a time in everyone’s life that they begin to think about putting down roots and buying a house. Buying a home is a big event, and the largest purchase most of us will ever make.
It’s important to make sure you’re ready before you buy a house. Here are some questions to find out if you’re ready to make the commitment and own your own place.
- Do you plan to stay put for several years? Ideally, experts say that you should plan to stay in your home for 5 to 7 years to make buying a house pay off. If you think you’ll need to move before that time, you might be better off renting.
- Are you are in control of your finances? Owning a home means paying your mortgage on time every month, and paying for your own repairs. You’ll need to be able to budget your money to pay for a home.
- Do you have a stable income? If your income fluctuates, you may have trouble making your monthly mortgage payments.
- Do you have savings? You’ll need savings to cover your closing costs, home maintenance, and anything you need for your house like curtains or furniture. You’ll also need savings to cover emergencies, such as storm damage.
- Do you have good credit? A good credit score will ensure you get a good interest rate on your mortgage. If you’ve had a bankruptcy or missed several payments on credit cards or loans, you may need to wait on buying a home until you can repair your credit.
- Are you handy around the house? There’s no landlord a call for repairs when you own your own home. You are responsible for fixing your own leaky faucet, broken dishwasher, or backed-up sewer. You’ll also have to take care of maintenance like yard work and painting.
If you can answer yes to these questions and are still excited about owning your own place, you’re probably ready to buy a home. Contact me for an appointment to get the process going. I’ll be happy to help you determine how much house you can afford, and help you find your dream home.
Anne-Marie Cancienne, ABR, CRS
Broker | REALTOR ®
Photo courtesy ponsulak, FreeDigitalPhoto.net.