How can you be sure that you’re ready to buy a house? You don’t want to jump in all guns blazing, but you also don’t want to be stuck with pushy landlords or sponging off Mum and Dad forever. To get you off the ground, here are 3 essential questions you should ask yourself to determine whether or not you are ready to buy a house.
By Team Savant
Image: Maria Ziegler
There are several major milestones in every person’s life. Graduating from college, learning to drive, and getting married, just to name a few. But perhaps the most significant is buying your first house. A home is probably the most valuable thing you will ever own, and after years of living with your parents and renting, it can feel fantastic to finally have a place that is all yours.
But buying a home is not a step to be taken lightly. It is an enormous commitment as it will cost you a great deal of money, and you are resolving to stay in one place for the foreseeable future. And you need to be sure you have picked the right property. The last thing you want is to pay a hefty deposit and then realize it’s not the home of your dreams after all.
Are your finances in order?
Buying a house is expensive, and there are so many costs associated with property ownership. Not only will you need to pay the initial down payment, you’ll then have the ongoing monthly mortgage payments, bills, and cost of upkeep to factor it. You’ll be forking out for mortgage advice, surveys, legal fees, contractors, and moving companies such as SMARTBOX Solutions, Inc. Therefore, you need to save up plenty of money and get your finances in order before you start browsing real estate websites. When taking out a mortgage, you’ll have to undergo a credit check, so if you are in heavy debt then this may not be the best time to start buying a home. Take some time to save up for your deposit, boost your credit score, and find a more comfortable financial footing.
Do you want to settle down yet?
The act of purchasing a property is a sign that you are ready to settle down in one place. You have found the area in which you want to live, and a beautiful house to call your own. Now is the time to focus on your career and your family. If the thought of this makes you happy, then by all means go ahead. But if you still harbor dreams of traveling the world and experiencing life in new locations, you may not want to put all your eggs in one basket just yet.
Can you look after yourself?
There was a time before the internet, when most people were handy about the house. Everyone knew how to fix a leak or change a tyre. But nowadays these skills are scarce. Owning a home is a full time job and there will constantly be little jobs to attend to. If you don’t know a spirit level from a Phillips head screwdriver then you’re going to struggle to cope, and you may end up spending a fortune on tradespeople. Learn a few basic DIY and home maintenance skills to get yourself ready for the responsibilities of home ownership.