When Will You Be Ready To Buy Your First Home
Everybody remembers buying his or her first home. If you haven’t taken the leap yet – either because of your age or your financial status – then it will be useful idea to get clued up on when to buy a home in the mean time. Too many people rush into a sale and fail to consider the long-term implications of what property ownership actually entails.
There are a number of signs to look out for which will tell you that you are ready to buy a house:
- If you have a stable job that you can foresee sticking with at least another 2 years
- If you’re happy in you current community and don’t intend on leaving anytime soon
- And if you have a good credit record allowing you to gain financial assistance.
There are many other signs that will also signal that you may be ready to buy a house, for instance if you have inherited a large amount of money that you would like to invest.
Starting a family usually goes hand-in-hand with buying a first home, and so if you and your partner are ready to support each other under the same roof it will be beneficial to do some research before jumping into a property purchase. When it comes to buying your first home a hands-on approach is the best approach, so be prepared to visit and scrutinize every inch of the properties you’re interested in. With the help of an experienced agent, and the following tips, you’ll be relaxing in to your new home in no time.
Imagine Your Life Five Years From Now
The first thing to decide when buying your first home is what kind of a homeowner you want to be: do you want to sell it in five years as an investment? Or are you planning on settling in and really committing to your property? Both options will require you to investigate every corner of your prospective property, keeping an eye out for any suspicious leaks, paint cover-ups, wonky door handles and unsafe electrical wiring. If you’re moving in for good then be realistic about the size of the house: will it be big enough if you have children, and will you be able to accommodate relatives and friends? Most people move into a home with the intention of expanding or finding something bigger in the future, but it’s important to imagine yourself staying in the same place for at least five years.
There are plenty of hidden costs that you can incur once you decide to buy a home, and these can include insurance, taxes, and water & electricity costs. The previous owner may have left some accounts unpaid, so be sure to do a background check. The most frustrating hidden costs will be any maintenance work, which is why it is important to inspect the property very closely so that these can be identified upfront if possible.
As a potential first-time homeowner you need to be aware of the property market and the lengthy time frame usually involved in buying a home. There’s no point in being impatient and finding a good deal will take some time and work. Be realistic and give yourself a long enough time period with which you can view and select a small group of ‘dream’ homes, but a short enough time to demonstrate to the sellers that you are not hesitant or ‘flakey’. Be prepared to seize a once-off opportunity if it comes around, but as always, do your research and get a realtor to advise you.