Buying a home is one of the most significant and influential decisions you’ll ever have to make. Being a homeowner is an achievement of which to be proud. However, just because you can buy a home, doesn’t mean you’re necessarily ready to. There are several things you should look at in your lifestyle and personal feelings before making such a decision. If you’re considering home ownership and you’re not sure if you’re ready yet, here are five signs that point to yes.
Looking at your finances is the first step in determining if you’re ready to purchase your first home. If you have debt, you need to see how much and why. Do you have a significant amount of credit card debt or loan debt? If you do, that doesn’t mean that you’re not ready to buy a house. You just need to have it under control. If you continually have to use a credit card for monthly purchases because your money runs out before the month does, then it might not be a good time to buy a house. If you have debt, but you are currently paying for it each month and are still able to pay your current monthly bills, then home ownership is for you.
Your credit score will be one of the things that the bank will look at to determine your eligibility for a home loan. Your debt will also affect how good your score is. Most places want you to have a score of 700 or above. Speak with a Homes for Heroes specialist to discuss your options considering your credit score.
Down Payment and Closing Costs
Have you started saving up for a down payment? If so, how much do you have saved? It is a known fact that today you can purchase a home for as little as a 3.5 percent down payment. You may think that you have that much saved up. However, that’s not the only expense that comes along with buying a house. Consider the taxes, fees, closing costs, insurance, and moving expenses. That’s going to tack on a few thousand more dollars to your savings. Try to save up at least 10-15 percent of the cost of the house. That will cover all the things mentioned above, and extra to change that ugly green tile in the bathroom or whatever you may want to change to make it your dream home.
Make sure you can afford the payment every month. A mortgage payment can be equal or even cheaper to paying rent. However, you will pay that amount for a more extended period. Your monthly payment should not exceed 25 percent of your monthly take-home pay. You should have a steady and reliable job and be ready to commit to your home.
As mentioned before, you must commit to the house when buying your home. This commitment goes for the payment and the amount of time it takes to pay it off. You can move before your home loan is paid off, but to get the most out of your investment, plan on staying there for at least 5 to 10 years. If you have a steady job that won’t require you to move anytime soon, and you don’t see yourself leaving the area for at least five years, then buying a home is the right step for you.
Prepared for the Maintenance
Owning your own home means you’re responsible for all the repairs. If during the winter time, your pipes freeze and bust, you must fix them. Whether you hire someone to do it for you or tackle the job yourself, it’s up to you to fix any problems may arise. Calling an office or landlord to fix a clogged sink or broken dishwasher isn’t an option. If you can repair problems yourself or can pay someone to fix those issues, you are ready to own a home.
Know What You Want
House hunting is exciting, but do you have any idea of what type of house you want? How does that house fit into your finances? Begin looking around the town you want to live in for homes that are for sale. It will give you an idea of what you want. You might want a two-story house or a house with a front porch. Get an idea before you start your search. If you already know, then you’re probably already committed to buying a home.
Are you a Hero?
When you see the word hero, you probably think of Superman or Wonder Woman. Consider yourself. Are you a hero? Do you serve your community as a teacher, firefighter, or first responder? Are you in the military, police force, or a part of the medical field? If so, you ARE a hero. As a hero, you deserve the support and respect from those you serve. Here at Homes for Heroes, we want to make your home buying process as simple as possible. We also want to maximize how much you save. If you fit the description of a hero, please sign up with Homes for Heroes and let us show our appreciation for what you do by assisting you on your journey to homeownership.
Owning a home should make you proud. However, you need to be ready for the responsibility. Home ownership gives you the freedom to paint the walls whatever color you want, put in a new bathroom mirror or change the backsplash in the kitchen. Being a homeowner also includes fixing the leak in the roof or the busted pipe under the house. This decision comes with great responsibility that can be life-changing and amazing, but only if you’re ready and prepared. If you are, Homes for Heroes would love to help you by connecting you with one of our affiliated real estate agents in your area. Sign up, and you will receive a call within 24 hours. Our priority is understanding your needs and saving you the most money. You have given so much of yourself to your community, it is time that you receive in return!