Are you ready to take the leap from renting or living at home to owning your own place? It’s true that everybody moves at their own pace, but in case you’re wondering if now is the time, here are some signs that you can use to determine if you’re ready to take steps towards home ownership. Let’s take a look at some of the ways you can know that the timing is right.
Are You Staying Local?
If you think you might not be staying in town much longer, it may be better to rent for now. But if you’re thinking about living in the same town or county for the foreseeable future it’s probably time to put down roots. The stability that comes with home ownership may make you more prepared for family and marriage (if that’s something you want). If you’re single, the stability of home ownership will even make you a more attractive prospect for potential long-term partners.
Do You Have a Reliable Job?
If you have a steady job and a reliable source of income, you may want to make the move to home ownership. The equity that you build in your home can help you build generational wealth and a nest egg for the future, if and when you want to retire. As long as there aren’t any major debts eating away at your income, you can likely handle a mortgage and any other home ownership-associated costs without much financial stress. Additionally, your home might serve as an income-generating rental property in years to come, which can help you diversify your portfolio and keep you solvent in the future.
Are You Becoming Financially Mature/Stable?
There are many people that dream about having a great home, and it will be a reality for them, but they need to make sure that they are financially ready for that kind of commitment and cost. Many real estate salespeople will have story after story about buyers who thought they were ready, only to have the bank tell them that they are not. Don’t let that be you. Instead contact a financial adviser or mortgage professional and talk about what your current financial picture looks like and what, if any, steps need to be taken to get you to your goal of buying your home!
You’re Spending More Time Watching Home Ownership-Related TV Shows
Have you caught yourself watching television shows recently related to couples or individuals who are looking for their first home? You may also be watching “home upgrade” programs or shows about interior design. If you find yourself watching these shows frequently, it may be a sign that you’re itching to move out on your own and take on the exciting challenge of being a homeowner.
So, are you ready to be a homeowner in the near future? Only you can say for sure. However, those who are looking for a long-term housing solution might be ready to make that move. If the above descriptions speak to you, it may be worthwhile to talk to a real estate agent today.