Are you considering buying a home? Here are some signs to look for to ensure that you are truly prepared to make such a momentous life decision:
You are Ready to Live in a Home for Several Years
For some of you, this might be a no-brainer, but we must stress that short-term home ownership makes no sense financially. Generally, mortgage advisors recommend staying in your home for at least seven to ten years before you sell it, but the longer you stay in your house, the bigger the financial gain. Is your career situation stable? If not, then perhaps now is not the time to buy.
You Have a Flexible Living Situation
Depending upon your tastes and the market, it could take months to find a home, or you could find it even quicker than you imagined. Are you leasing? A month-to-month lease is higher than a fixed-term lease, but it could save you money in the long run for when you purchase your home.
You are Preapproved
Before you begin searching for your home, you need to be preapproved for financing so that you can determine your price range. This will save you a lot of heartache when searching for your home because you will be searching within your budget range.
You’ve Saved Money
Although most people understand that they need a sizable amount of money to make a down payment on a house, other expenses are involved in home ownership. Home maintenance fees can add up, and if any appliances break in your house, you no longer have a landlord to pay for a replacement.