Purchasing your first home can be exciting and daunting all at the same time. If you have just gotten married, or are thinking of starting a family, you may be ready to buy. However, if you don’t have a number of ducks lined up, you may want to wait just a little longer. Indeed, purchasing a home is a big commitment. Not only is there a lot of responsibility – you also have a lot of costs to worry about. There are fees, down payments and homeowners insurance that you have to think about. If you aren’t ready – it is perfectly okay to wait. Here are five signs you’re ready to buy your first home.
- You just secured a raise and your career is on an upward trajectory. If you know that you will be making a certain amount of money, or salary, over the course of more than ten years, you can pretty much assume that you will be financially fit and stable to care for a home. Indeed, when you purchase a home, you are committing yourself to long-term upkeep.
- You are committed to saying in one place – one city – for a long time. If you are firmly fixed in your city or community and don’t have any plans of leaving, it may be time to purchase a home and settle down. If you are thinking of traveling around, or if you aren’t sure where you want to go, you may want to think about waiting to purchase a home. Buying a home is a little bit like entering a long-term relationship with the city or community, so you want to be sure that you are ready.
- You are thinking of starting a family. If you are thinking of starting a family, you may not want to continue living in that one bedroom apartment. Indeed, it may be time to contact Berkshire Hathaway Home Services Alliance Real Estate and move into something more spacious. Of course, you want to stick within your budget, but you also want more backyard space and living space for your new family.
- You are sick and tired of renting – you want to have something that is all yours. After years of renting spaces, it may be time to buy. When it comes down to it, renting an apartment or house when you have reached a certain age may have some social stigmas. When it comes down to it, the economy is quickly inching towards a buyer’s market, so you may be able to save more money by buying.
- You have been pre-approved for a loan. On top of everything, if you have been pre-approved for a loan, you may be completely ready to move into your own space. When it comes down to it, a pre-approval means that you have strong credit – it may also mean that you are financially healthy and ready to buy. In the end, you may want to take the loan and put a down payment on your new house.