Are you ready to buy a home? The transition from renting to owning a home can be tricky. There are many pros and cons to weigh out when making a decision like this. The process of buying a home may seem overwhelming, but that doesn’t mean you aren’t ready. Using a well-qualified real estate agent can help take a lot of stress out of the real estate process. The real question is – are you ready to own a home?
Home Ownership Checklist
As one of the biggest financial decisions of your life, it’s a good idea to put a lot of thought into whether or not you are ready to buy a home before you make the purchase.
Here are a few things to consider:
The Commitment
Are you ready to settle down? Buying a home is a huge commitment. The average homeowner stays in their home for at least 9-10 years. In most cases, you will need to sell your house before you can purchase a new one. If you are not sure where you want to live or don’t have job security, you may want to wait. But if you know that you are ready to settle down in one location for several years, home ownership might be right for you.
Qualified vs Budget
Many people have been qualified for homes they can’t afford. When you’re credit score, debt to income ratio and other financial factors check out and your home loan is approved, it does not necessarily mean you should move forward. Carefully examine your budget and determine if the house payment fits in with your desired lifestyle. Don’t forget that you also will need to pay property taxes and insurance, which is often tagged onto the price of your monthly mortgage payment.
Home Management
If you are currently residing in an apartment or another rental home, the landlord manages the property for you. When you purchase a home, there is no landlord. Nobody else is going to hire a repairman or fix leaky faucets for you. You will also be responsible for lawn care, air conditioning repair, and general house maintenance that the home will require over time. Being prepared to take on the responsibility of caring for your own home is a good sign that you may be ready for homeownership.
Learn More About Buying a Home
At Substantia Realty, we are very familiar with what it takes to be ready to buy a home. If you are thinking about buying a home in Houston, Contact us today to learn more about steps you need to take to make sure you are properly prepared. We will walk you through the real estate process and answer any questions you may have about purchasing your new home.