6 Signs that You Are Ready To Buy Your First Home
Buying your first home is one of the most exciting decisions that you'll make in life.
It's a huge step to take for any adult, as you go from a renter to a homeowner with a place of your very own.
Instead of needing to keep your place the same way it was when you moved in, you can make renovations and create the home of your dreams.
Considering what a financial commitment it is to buy a home, you need to be sure about your decision.
Before you start creating your budget or looking at homes for sale in Palm Beach County, here are six signs that indicate you're ready to buy a home.
Because let’s be real...
The last thing you want to have is buyer’s remorse, right?
That wouldn’t be cool!
So, let's see if you’re ready...
You've Found the Right City
When you're a renter, you're typically only committing to a city for a year or less, since that's the length of the typical lease.
Being a homeowner is a much larger commitment, because mortgages last for decades.
If you want to buy a home somewhere, it's important to love that city. Imagine you'll be spending most of your adult life there.
Does the thought of that make you feel excited, or do you find yourself wondering about what it would be like to live in other places?
There's nothing wrong with either, but you probably shouldn't buy your first home if you're not sure you want to stay in the neighborhood over the long haul.
It's good to spend at least one year in a city before you decide to purchase a home there. Although you may think that you're sure you love it sooner than that, the reality is that feelings can change.
Waiting a year or more gets you past that initial honeymoon phase where the city is exciting and new, and helps you ensure that you really want to stay there.
You Have a Stable Career
You're going to be making mortgage payments for a long time, which means any job loss or fluctuations in your income can be major issues.
Consider where you're at career-wise before you start looking for homes. The right time to buy a home is when you're settled in to a career that you see yourself at well into the future.
Of course, nothing is ever guaranteed in the business world, and jobs can end at a moment's notice.
Still, certain career situations are more stable than others. If you're working your first job fresh out of high school or college, then it's probably best to wait on a home.
This way, you can focus on establishing and settling into your career first, instead of trying to do that while also getting a home.
You're Financially Responsible
Although being financially responsible is important for any adult, becoming a homeowner puts more on your plate.
Even if your mortgage payment is similar to what you paid in rent, there are many costs that come with buying and owning a home.
Before you shop for homes, you should be in the habit of saving at least 10 percent of your income every month.
You should have an emergency fund that can cover three to six months of living expenses, along with a percentage down payment for your home purchase.
A good credit score is also a must, as this can save you quite a bit on interest over the life of a mortgage.
You Enjoy Home Improvement Projects
This isn't a deal breaker, as you could get a home that you like already and avoid making any improvements.
But it is good if you like the idea of doing the occasional home improvement project.
One of the best parts about owning a home is that you can do what you want with it. If you want to try some new paint colors, start a garden or remodel your master bathroom, you can.
Just as important, doing so will benefit you because you're the owner of the property. If you made any improvements to a place you were renting, the landlord would benefit.
You're Tired of Paying Rent
When you first moved out of your parents' place, you probably didn't mind paying rent.
That was a small price to pay for having your own place to live and the freedom that comes with it.
But for many people, this habit of paying rent to a landlord starts to get old. You realize that you're spending money every month and earning nothing from it.
On the other hand, if you turned your rent payments into mortgage payments, you'd be building equity in an asset.
When you've reached this point, then it's time to start looking at homes. If you wait around, you'll just be giving away more money to a landlord.
You & Your Significant Other Is Serious
Getting a home together is often the perfect next step to take in a happy relationship.
It allows you and your spouse to make a deeper commitment to each other, it gives you a place that's truly your own and you'll have somewhere to start a family.
Now, it's important that you two are fully committed to each other through good times and bad. The only way you'll know that is if you've been together for a while.
If you haven't been together at least a few years, then you two should probably wait. Sadly, feelings can change, and owning a home together only makes breakups more complicated.
I’m not a relationship expert but just highlighting some points to consider when purchasing a home with a significant other.
Taking the Next Steps
After looking over the items above, you should have a better idea if you're ready for homeownership.
If so, then start by figuring out how much home you can afford.
Then, you can decide what you want in a home and start the exciting process of shopping for one.
When you’re ready to find the home you love, let us help you get what you want!
100% Free Service for Buyers
Say Whaa?! That’s right!
YOU don’t pay us anything!
We do not charge the buyer a fee to purchase a home, the seller pays us a commission. You have nothing to lose but everything to gain when working with a professional agent. Pretty sweet, huh?
You’ll still get the amazing service that we offer for Palm Beach County first time home buyers; you just don’t have to pay for it! Contact us here to find a home you LOVE!