08 Aug How to Know You’re Ready to Buy a House
Buying a house takes a lot of consideration, due to both financial and emotional stability. It’s a huge purchase and it’s a long-term purchase. This means there are many different things to consider before becoming a homeowner. If you’re trying to decide if you’re ready to buy a house, follow these guidelines.
1. You’ve built up your savings.
Planning for and dreaming about buying your first house is futile if saving up isn’t one of your top priorities. On average, it’s recommended to put a 20% down payment before buying a home, so if you haven’t built up your savings, this dream isn’t realistic. If you’ve been saving for a few years and you have an established savings account, then purchasing a home is probably in your near future.
2. You’re settled and secure.
If you’re planning to buy a home, you should typically be prepared to stay there for a minimum of five to seven years, as becoming a homeowner is a long-term investment. Of course, this doesn’t mean you can/will never move again in your life–but if you’re still not ready to settle, then buying a house may not be the best decision for you. However, if your lifestyle and career are firm and consistent, there shouldn’t be a problem with settling in.
3. You’re accountable.
Knowing that you’re responsible and that you’re taking the necessary precautions for such a large purchase are two of the main keys to knowing you’re ready to purchase a house. Doing proper research, meeting with the bank, and having an emergency fund are all ways to taking steps towards learning how to be a responsible homeowner. For example, the minor necessities (such as lighting, flooring, furniture, etc.) need just as much attention as the major necessities.