You have paid months’ and months’ worth of rent, dealt with difficult landlords and listened to noisy neighbors fight at two in the morning. You are tired of renting and are hoping to become a homeowner, but you may be wondering if you are ready to take the plunge. After all, owning a house is a big step and you want to make sure you have sound reasons for making the investment.
Here are ten sure signs you may be ready to purchase your own home:
Family Situation
Perhaps your family has grown; you need more space as the kids start to get older and your current space feels too close for comfort. Maybe you want a yard where Spot can run around to his heart’s desire. If your family needs room to grow, owning your own home may be in your near future.
Finances
If you have been saving up for a home, you will want to make sure you have enough money to not only cover the down payment but also moving expenses and home maintenance costs – all while maintaining emergency funds. A house takes a lot of upkeep; even if you are planning on doing the work yourself, you will need to budget for the cost of tools, as you likely don’t own any if you have been renting. If you don’t have enough money for a large down payment, you may qualify for programs such as these and still get a great loan option.
Employment Security
You’ve found yourself in a job where you see yourself staying for at least a few years. The job provides secure finances and you are likely to be guaranteed employment for the foreseeable future. This employment and economic security is an important factor when deciding to buy a house.
Plans to Stay in the Area
You have secure employment and financial stability and you’ve found an area where you are comfortable laying down some roots. Buying a home makes your living situation much more permanent and makes moving every couple of years much less likely.
You’re Done Renting
You have rented for years and are ready for your monthly housing budget to go toward a place of your own instead of going in someone else’s pocket. Renting, while having its perks in certain situations, gives you less freedom of expression with your home, usually less space and a landlord who may or may not be helpful.
Ready for More Responsibility
If you get a surge of pride at the thought of waking up on a Saturday morning to mow your lawn, trim the hedges, wash the car in the driveway and paint your shutters, you may be ready to buy a home. You are ready for the increased responsibility and more than that, you want it!
Right Timing
The best time to buy is when you are not feeling pressured. If you find yourself in a situation where you only have a year left on your lease or you need a house in the next 30 days, you may not end up purchasing the best house for you. Ideally, start house hunting when you have the ability to move in after the closing date and when you have the time to find your perfect fit.
Good Credit Score
Before you start house hunting, take a look at your credit score. You can get a free credit report from each of the three bureaus that will show areas where your finances could improve. In order to get a better loan option, improve your credit score by paying down high-interest debt, lowering credit card balances and paying bills on time.
Know What You Want and Need
Will you want to purchase a townhouse? Do you need a yard? How big? How many bedrooms and bathrooms do you need? What is on your ‘must have’ list versus your ‘want’ list? If you have taken the time to decide what you need for your housing situation and have been realistic in terms of what features you would like, chances are owning your own home is in your near future.
Research Done
You have crunched the numbers, you know what you can afford and you have a good idea of what the market holds for you. Perhaps you have even talked to a mortgage lender. All of these things show you have done the work to prepare for this big step and are not rushing into it.
Photo Credits
Photos are from Fotolia
Guest Author Bio
Alyssa Craig
Alyssa Craig is a Salt Lake City native who loves hiking in the mountains, running, frozen yogurt, and quick wit. She is a professional writer and loves perusing the many posts in the blogosphere. In her free time, you can find her escaping the world on her hammock or watching re-runs of “Friends”.
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