3 Signs That You’re Ready to Own a Home
As real estate agents, we understand that owning a home is about more than just affordability! It’s one thing to be financially ready to own a home (although that’s a big part of it) and another thing to take on the responsibilities and risks of a homeowner.
Here are a few signs that show a prospective first time buyer is ready to own a home:
1. You’re stable! Financial stability is great, but it’s also important to consider the stability of your lifestyle. You’ve probably heard that it’s typically not worth purchasing a home unless you can commit to 5(ish) years. And that’s true! If you could foresee a major move or job transition on the horizon, you may want to think twice.
2. You don’t call your landlord or maintenance guy very often. Unless you’re willing to shell out big bucks for a handyman, it’s worth brushing up on some home maintenance skills and investing in a toolbox! Of course, this depends largely on the type of home you purchase and whether or not you secure a home warranty.
3. You have a handle on your finances. While you don’t have to make a six-figure salary or have a pristine credit score to purchase a home, you DO have to have a sense of where you stand. The mortgage application process requires a ton of documentation, so the more aware and organized you are, the better! Be sure to keep tabs on your credit score, and save all necessary financial documents and taxes in a secure spot.