When it comes to buying a home, the timing is different for every person. Some couples buy a home the second they’re married, while others wait until kids are on the way or even well after they’re born.
Some young adults buy a home as soon as they’re hired to their first job or after they graduate college, while others stick it out with their parents’ spare bedroom until they’re closer to marrying or starting a family.
The truth is, it varies from person to person. But across the board, there are always a few things new homebuyers have in come – things happening (or not happening) in their lives that warrant the home purchase.
Do you think you might be ready to buy your first house? Here are 6 of the biggest signs it’s time to make the move:
- You’re settled in your life and career.
Are you in a job you love? Are you near family? Are you married with kids (or kids on the way)? Then chances are you’re pretty settled. You’re not going to be making any big life changes anytime soon, like quitting your job or moving across the country. It could be a good idea to find a nice, permanent place you can put down roots.
- You don’t have a ton of debt.
Did you finally pay off those student loans? Are you credit cards empty or do they at least have low, manageable payments? Are you done making car payments? If you don’t have a ton of debt to your name, it might be a good time to buy. You’ll be primed for a great interest rate thanks to your debt-to-income ratio, and having a mortgage will actually help boost your credit even more – as long as you pay on time!
- You’re paying too much in rent.
Have your rents been rising the past few years? Are you paying thousands of dollars for not a lot of space? Is your house old and poorly cared for, but you pay a premium price anyway because of your location? Then you may want to consider buying instead. As long as you have some savings for a down payment, your monthly mortgage costs will probably end up being lower than your current rent. And the best part, you’ll be gaining equity and improving your credit at the same time. A win-win!
- You’ve got some savings set aside.
If you have a robust savings account burning a hole in your pocket, don’t save it for a big vacation or shopping spree. Remember, a house is an investment. If you buy one now, maintain it, care for it and keep it in good condition, in a few years you will be able to sell it at a profit. So while your money may be gaining a tiny bit of interest every year in that savings account, you probably stand to earn a whole lot more on the sale of your house later on down the road.
- You’ve got expendable income.
A mortgage isn’t the only cost you’ll have when you buy a home. There are also plenty of other expenses, including utilities, cable, internet, repairs, maintenance, lawn care and more. If you’re sure you have the expendable income to cover these costs, then you definitely could be ready to take the leap and buy a home.
- Your current place is no longer working.
Are you living in a one-bedroom apartment with your husband, a baby, two cats and a dog? Is your home an hour’s commute from your new job? Are you having to drive 45 minutes to drop your little ones off at daycare? Then your home is no longer working for you. Why not find your ideal place and invest in that for the long term? Put down roots, and let your family get settled into the life you’ve always dreamed of.
Become a Homeowner
Are you seeing any of these signs in your life? If so, it may be time for you to start house hunting. If you’re unsure, contact an agent at the Claus Team today, and we’ll help you evaluate if buying a home is right for you. When you’re ready to buy, we can help there, too. We’ll locate properties that fit your budget, we’ll help you tour and evaluate the homes, and we’ll walk you through every step of the buying process. Just call us, and we’ll get started right away.
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