Buying a home for the first time is one of the biggest leaps into the world of adult responsibility a person can take. Preparing to buy a home is a process that can take years, from building credit, to finding a secure job, and finally saving up enough money for a down payment. Owning a home is more than a privilege, it is a commitment. How do you know when you are ready for home-ownership? Read on to find out how ready you are.
1. You are ready to take on the responsibility (and costs) of ownership.
As a renter or lessee, you probably couldn't stand coughing up a rent check every month, feeling like you were spending all that money "for nothing." Many people think they are throwing their money away by renting, paying more than they would to own. That's not necessarily the case. Once you add in taxes, homeowners insurance, maintenance, and money for when things just break or go wrong, you'll see that home ownership isn't always less expensive than renting. If your heat and water were included in rent, heating bills could be a shock to the bank account. It is crucial that you know what you're signing up for before your signature is inked on any dotted lines.
2. You're Ready To Pick A Zip Code
Unlike renting, where you can move to a new town or city as soon as a lease is up, buying requires a more long term commitment. In order to make up the costs of buying and selling your home, you'll have to live in your zip code for at least three years. Some home owners wanted to have a faster turn-around, and found themselves paying capital gains taxes because they resided in their new home for less than two years.
If you're committed to staying put in a community for a while, you're one step closer to being ready for home ownership.
3. Your Credit Score Is On The Straight and Narrow
Though excellent credit isn't absolutely necessary when purchasing a home, it can have its advantages, especially on the mortgage end of business. A good credit score can get you a lower interest rate; and if lenders see that your score is good, your credit history is on the up-and-up, and you have all debt under control, you'll most likely get a higher pre-approval amount. Speaking of debt, ขายอาคารพาณิชย์ don't take on any new debt, like car loans or personal loans, for at least six months to a year before trying to borrow for a home.
Money Matters
Money is still the most important factor to consider when weighing how ready you are for home ownership.
You must have come up with a budget that makes sense financially, long term. Your housing costs should not exceed 33% of your gross income. You have a secure job, and you aren't making plans that will change this factor without having an emergency fund in savings that can pay for all planned expenses, plus extra. You have saved a down payment of at least 20% of the highest price you intend to pay for your home.
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