Homeownership still remains an epitome of the American Dream. It is a milestone that can give you a sense of fulfillment, stability, and security. If you are reading this today, you’ve probably already contemplated on buying a home at one time or another. Here are the signs that can help you determine just how close you are to achieving that dream:
1. You are financially stable.
Your financial status can help you decide if you can afford homeownership. If your career is going smoothly, with opportunities for advancement in a foreseeable future, then you may be ready to purchase a home.
Aside from having a good credit score, a significant amount of savings and a steady flow of income widen your options.
It takes a few years to achieve this level of financial maturity. Based on a home buyer statistics published by the NAR, the median age for first time home buyers is 32. This is the point where most people have established a positive growth in their career, and are likely to stay in their jobs for a longer term.
Since home down payments ideally start at 10% of the purchase price, your personal savings is always the better source instead of borrowing money elsewhere.
Setting up a separate fund for a home down payment is a wise move. You can wait for a few more years if you want to pay more to lower your mortgage. Cutting back on your daily expenses can help you save even more.
3. You have been renting for a while.
Renting can perhaps make you yearn for freedom, for your own rules, and for your own territory.
If you have been renting for years, you should realize by now that your rent payments may have been enough to build equity.
In a survey conducted by Trulia, it was concluded that the cost of buying a home (mortgage and all) is 38% cheaper than renting a home. While home rental rates tend to rise depending on market conditions, mortgage payments are fixed, making homeownership more affordable as the years go by.
Tired of renting? Then get ready to buy your first home.
3. You are ready to start a commitment.
If you are emotionally ready for permanence, then you are ready to buy your first home.
More than an investment, homeownership is a commitment, just like settling down and building a life together with your special someone. These concepts are intertwined, as both require long-term efforts.
As revealed in NAR’s home buying data, 58% of home buyers are married couples, and 82% are looking for detached, single-family type houses. The need and desire for more space and freedom for a growing family are just some of the driving factors of homeownership.
4. You can handle home repairs & improvement.
One of the responsibilities of homeownership is home maintenance and improvement. You no longer have a landlord or a property manager to call when something breaks down. You are now in charge of keeping the house in order. If you think you can manage, then you are ready for it.
5. You see yourself staying in the same city for the next few years.
If you have found the place that resonates with your needs and lifestyle, then it’s time to make it your home. There are places which are easy to fall in love with, like Bryan County OK. This area is filled with a small-town charm that offers its residents big-city amenities and a uniqueness all to its own.
Whether you are living on your own or starting a family, there are many affordable houses available here. Let us help you find your first home, call or email us today.