4 Signs You Are Ready To Buy A House
Summer is almost here and you might be on the fence on buying that new house this year. It is easy to get caught up in process of trying buy a house. Picking an agent, organizing finances, budgeting, and finding the right area. These are all things you need to consider.
Do you know if you are really ready to make that next step? If you can confidently answer these next 4 questions with ease, you are well on your way to home ownership.
Long term or Short Term?
If you can see yourself staying for the next 5-10 years, you are in good shape to buy a house. Moving into a home and having to sell in 2-3 years just means that all the stuff you did to make your home “yours” goes to waste. It becomes extremely difficult to come out of head of the game. In real estate, we give our clients the "5 year rule". Which states that new homeowners should generally stay put for at least five years before selling their property or risk losing money.
Do You Love Your City?
Not sure you like the area you are looking to buy? It might be a bad idea. A house is far more than equity and debt. Its a place that you will make your best memories in. Talk to your parents about the home they raised you in for the majority of your life. I can almost promise you will it will bring back many great memories. They will probably never forget that house. Living in a great city with someone you can see yourself with long term is just icing on the cake.
Talking about love and memories is great, but if you are truly serious about owning a home, you need to get approved. Those in the real estate business will not take you that seriously unless you have sat down with a mortgage professional. Who is this really benefiting from this? Honestly, it is the best thing you can do to not waste your time. We all know that people spend hours searching online for houses and looking at potential neighborhoods. This is fine, but if you could be looking at homes you can’t afford. Getting pre-approved streamlines this process and will get you into your new home in the fastest time possible.
Mortgage and Renting Are Not the Same
One common problem we see is the assumption that people are ready to buy because they could get a mortgage for a house at the same price as their current monthly rent.
- PMI (private mortgage insurance)
- Homeowners insurance
- Property Taxes
- Utility Bills
And the list goes on. Not everything is going to apply to you, and different things might come up. The smart way to do this is to make sure you have a proper savings and enough money left over after you pay all your bills.
In conclusion, when you buy a house, your permanent living situation is going to improve your quality of life. You will feel like a member of your local community and a stake holder in your city. This is great impact to have on your community, neighbors, and your own family.
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