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It’s a question all homeowners had to ask themselves at one point, and possibly one that you’re grappling with now: “How will I know when I’m really ready to buy a home?”. Knowing when your life and finances are all aligned in a way that making such a large purchasing choice is the smart decision is a very valid and responsible train of thought.
Luckily, there are a few things that you can keep an eye out for that will help you determine whether or not homeownership is the best option for where you are in life.
If these five signs apply to you, it could mean that you’re truly ready to take the next step (but never fear if they all don’t—we’d still love to help guide you home):
You’re Debt Free
If you’re no longer drowning in debt, then it’s a great time to consider purchasing your own home. Not only will clearing debt help increase your credit score, it will also free up your income for other things (like a mortgage!). Having the discipline to pay down debt shows that you’re mature enough to manage your money, so reward yourself by making the biggest immediate investment you can make—buying a home.
Your Credit Score Doesn’t Scare You
Having good credit is the key to being able to purchase almost anything you want in life. You might even say it unlocks doors. You’ll know you’ve crossed another milestone toward being able to afford a home once your credit score is high enough that the thought of having another person look at it doesn’t make you immediately cringe.
You Have Job Security
The most important factor of keeping the home you buy is being able to maintain all the financial requirements that come with owning, from the mortgage and taxes to repairs. Having job security gives you the peace of mind of knowing that you’ll be able to take care of all of your home's needs so that your family can enjoy it for years to come.
You Have A Savings and A Down Payment Stashed (Separately)
The key word here is "separately". You don’t want to use your entire savings as a down payment since, as we stated above, you’ll still have additional financial responsibilities to take care of once you move in. The easiest option would be to keep your down payment and savings separate so that you can have a clear view of how close you are to your homeownership goals.
You Know What You Want
One of the toughest parts of purchasing a home for plenty of people is deciding where they want to be for an extended period of time. If you know the neighborhood, city, or area you want to live in and don’t plan on doing any major relocation for a few years, then you could be ready to settle down into a home that you own.
If this sounds like you, then you could be ready to buy a house without breaking the bank. Even if you don’t have every box in this list ticked off, we’d still love to speak with you and develop a plan to get you into that dream home. Each situation is unique, which is why our New Home Sales Consultants are here to help guide you and your family down the best path.