FIRST TIME HOME BUYERS
Buying a home is one of the biggest financial commitments most people will make in their entire lives. While the dream of homeownership can be compelling, it’s important to make sure you’re actually prepared to be an “owner” if you want to avoid unnecessary complications. So, let’s see if you’re ready to buy!
1. Your financial situation is stable
A good indicator of whether or not you’re ready to buy your first home is that you’ve finally reached a place of financial stability. You’ve just paid off your last credit cards, your student loans are under control and manageable and you have reliable transportation.
2. The rest of your life is stable too
Just because your money situation is steady, that doesn’t mean everything else is. If you think you’re ready to buy your first home, make sure to take an honest look at the rest of your life. Is your work situation going well? Even if you’re banking a decent salary, you may not want to stay where you are. The same goes for the relationships you may be in. The same goes for how you feel about your current city you live in. It may be you want to make those changes first before buying a home. On the other hand, if you feel good about all of your current commitments, then it may be a strong indication that you’re on the right track.
3. You’ve been saving instead of splurging
While it’s true that there’s a mortgage for almost every budget, the more stable fixed-rate plans cost more money up front. The upside to this is that you’ll have less surprise fees in the long run. FHSA programs for low-income/no deposit borrowers come with extra mortgage insurance in addition to your Homeowner’s insurance and mortgage. APR’s can seem less expensive, but a shift in the market can mean major changes in your monthly payment. If you can put money down, then you’re in a much better position once it actually comes time to buy.
4. Renting doesn’t make fiscal sense anymore
Maybe you have a growing family or are running out of space for or a business you’ve started out of your apartment. Whatever the reason, there comes a time when the cost per square foot to rent just doesn’t making sense anymore. Also, If you’ve looked around for apartments, condos or lofts to fill your needs and found that they cost as much, if not more than a comparable house, then this might just be the time for you to make the decision to buy.
5. You’re willing to invest the time it takes to buy a home
Buying a home can be a time consuming process. If you’re not willing to put in the time, you’ll likely make a mistake that could seriously cost you in the long run. If you think you’re ready for a home, but you’re not willing to wade through all the ins and outs, be able to make decisions and commit to the process … then seriously consider if you’re ready to buy.
FACT: DID YOU KNOW THERE IS NO COST TO HIRE A BUYER’S AGENT IN ARIZONA? IT’S TRUE.
TAKE ONE MINUTE TO THINK ABOUT THAT AND THEN… CALL ME!
