You’re getting the itch to buy a home. You might have come to this decision based on any number of reasons… all your friends and co-workers are buying homes, your parents are telling you to buy your own place, or you might be thinking of starting your family in your own home. Whatever the reason, in addition to being financially ready to buy, you need to have the right mindset and truly understand what you’re getting into when you own a home.
Some things you should consider include:
Are you enough of a grown up to own a house?
Although some may disagree, you really can’t just walk away from a home you buy at any time. Yes, you can sell it when you’re ready. Timing is important, so when you have the desire to sell, it may not be the right time in your market. So, you may be forced to stay in your home when it’s not convenient to you. Are you ready for that.
If you’re forced into a situation where you have to leave the property (short sale, foreclosure), are you prepared for the consequences (damaged credit). It all comes down to your ability, and desire, to make grown up decisions when it comes to your life and home ownership.
Are you stable in your location?
Take a look at your professional and personal life. Do you plan on staying in your current city for the foreseeable future? You can’t predict the future, but ideally you want to have a good feel for where you’re going to reside. Buying a home should really tie into your long-term plan and goals.
You won’t be a renter, so you’re responsible for the house.
Are you used to calling a magic number (the landlord) when something goes wrong at the place you’re renting? Well, when you’re a home owner, that number rings your phone. You don’t have to be the most handy of people, but you need to be prepared to do regular maintenance on your home. Or, you have to be prepared for the expense of hiring people who can do maintenance and repairs.
The bottom line… you defiitely want to be sure you’re ready to put your “big boy or girl” pants on for home ownership. When you’re ready, it’s definitely worth it!