Having a home of your own is still an intrinsic part of the American dream. You may wonder if it’s time to think about this purchase that constitutes the largest financial investment for most families. Here are a few of the common signs that indicate you may be ready to purchase your first home.
1 – Your Career Prospects Will Keep You In the Area
Individuals who are involved in pursuing their careers may forego home ownership for a time as they climb the ladder and work to secure their goals.
They may find they are now in a position that will keep them in a particular city for a longer period. In these cases, it may be of greater financial benefit to own their homes rather than rent them.
2 – You Have Disposable Income In Your Current Budget
If you have a stable income and manage your regular expenses without incurring a great deal of debt, you may be ready to take on a mortgage, taxes and insurance involved in home ownership.
You must also be able to put together an amount for a down payment, generally 20 percent of the cost of the home.
3 – You Need More Space
If you are setting up a household with a significant other or have decided to expand your family, you may require the larger space that a home can offer.
Similarly, if you have hobbies that require storage space or an outdoor area, a home will allow you to enjoy your activity without the limitations of apartment living.
4 – You’ve Become House-Curious
Many people find they eventually become interested in owning a home after living in a rental property for a number of years.
They may begin to look at homes for sale in their neighborhood and wonder whether the property would suit their current or future needs.
They may attend parties at the homes of friends and find themselves interested in the home layout or yard space.
They may visit a few open houses in the area and like what they see. These are symptoms of being “house-curious” that may indicate you may be ready for the larger responsibility of home ownership.
A home purchase is a big step in the lives of individuals. It signifies entry into a settled period of life, with greater responsibilities and larger goals. These 4 signs indicate you are ready to make this new investment in your future.