“Am I ready to buy my first home?” If you’ve asked yourself this question, you’re already on the right track. Purchasing your first home is a major decision that should be taken very seriously. If you’re unsure whether you’re prepared to buy a home, we recommend asking yourself these 5 questions. These will help you do a proper self-assessment before moving forward.
1) Where Do You Want to Live?
You shouldn’t purchase a home if you don’t plan on living there for at least a few years. When questioning when to buy a home, it’s equally important to know where to buy a home. You’ll need to decide on a town or city that you’d be happy living in for the foreseeable future. If you purchase a home somewhere that you’re not sure of, you could end up regretting your decision.
2) What Is Your Financial Situation Like?
As stated above, purchasing a home is a major financial decision. Do you have a secure job, or are you in the middle of changing career paths? Do you have a significant amount of outstanding credit card or student debt? Are you able to save enough for a down payment? Is your credit score good enough to acquire a loan with reasonable interest payments?
This isn’t all to say that you can’t get a mortgage loan if you have debt. You just don’t want to take on a financial responsibility that you’re not entirely prepared for. Monthly mortgage payments, along with closing costs and maintenance costs, are no joke. They’re not a problem if you budget for them, but they can become a problem if you have an uncertain job situation or considerable debt to deal with first.
3) Do You Have Any Major Upcoming Expenses?
Do you have any major upcoming expenses that could affect your ability to make your mortgage payments? These could be having a baby, going on a big vacation, getting married, going on a honeymoon, and things of that nature. If you have one or more of these expenses coming up, it may be wise to delay the event or wait longer to purchase your first home.
4) Are You Ready for the Responsibility?
Owning a home comes with a lot of responsibilities. When you’re renting a home or apartment, there’s always someone you can call to deal with leaky sinks or a malfunctioning dishwasher.
However, once you purchase a home, you need to be prepared to tackle these issues yourself. If you don’t know how to do basic repairs, you should at least set aside money to hire professional help when a problem arises.
5) What Am I Looking for in a Home?
Before you begin looking at homes, it’s important to figure out what you want in a home. How many bedrooms, bathrooms, and parking spaces do you need? How large of a backyard do you want?
If you have a long list of wants and needs, you may have to take the time to save up more money to find a house that fits your criteria. If you have almost no list at all, then perhaps you need to question why you want a home in the first place. If you can’t come up with an answer, there’s nothing wrong with holding off for now.
Contact a Guelph REALTOR® for Expert Insights
If you don’t know how to buy your first home or are still unsure if now is the right time, reach out to an expert REALTOR®. A local real estate agent is capable of answering your questions and offering expert insights. If you decide to go ahead with purchasing a home, they can help you find a property that accommodates all of your wants and needs.
Contact one of our Fully-licensed REALTORS® today!
Looking for an experienced REALTOR® that specializes in real estate across Wellington County? At Royal LePage Royal City Realty we are focused on helping you unlock your future.