As soon as you start talking about your house hunting journey, well-meaning people come out of the woodwork to offer their opinions, advice, and experience. Before you know it, you’re questioning whether you’re truly ready to buy a house.
Though you might value the opinions of your nearest and dearest, there are ways to know you’re on the path to homeownership without their input. The five signs below will tell you with a great deal of accuracy whether you’re ready to leap onto the property ladder.
You’ve Spoken to the Experts
Sometimes, it’s not always clear whether you have all your ducks in a row without consulting the experts and industry knowledge. Contact a property investment consultant, real estate agent, mortgage broker, and your bank to determine whether you’re ready to go shopping or if there’s still work left to do.
You won’t need to enlist the services of all of these experts but consider at least some of them. A property investment consultant can advise you on the best places to buy and when to make a move, while your bank can confirm your finances are in order to go ahead.
Your Finances Are in Order
It’s next to impossible to go ahead with purchasing a house unless your finances are in order. That means your credit score should be high enough to be approved by lenders, you have a deposit, and your income is enough to cover your monthly mortgage repayments.
Banks also consider your saving habits and history, spending trends, employment history, and current debt levels before offering mortgage pre-approval to go shopping. If you have been working hard on making sure you’re in a sound financial position, you may be more than ready to start house hunting.
You’re Ready to Settle Down
Sometimes, being ready to buy a house is about more than being financially prepared. You also have to be mentally prepared. If you have ties in your community, a support network, a job, and no major aspirations to follow a work promotion to the other side of the country, you might be more than ready to become a homeowner.
The median duration of homeownership in the United States is 13.3 years, which means most people commit to long-term ownership when they buy a property for the first time.
You’re Tired of Renting
Not everyone is prepared to purchase a home, even if they are in the best financial position to do so. However, you may find that being a homeowner is in your near future when you become weary of renting.
You may be growing bored with the no-pets policy or frustrated by the endless inspections. In this case, you may be mentally ready to take the next step.
You’ve Found the Perfect Home
Sometimes, you’re not even looking for the perfect property and it falls in your lap. You may have discovered that your childhood home is up for sale, or perhaps it’s a house you pass every day and have always admired.
It can often take the ‘perfect’ home to motivate you to seek pre-approval, find a tax agent to explain the benefits and obligations, and get the wheels in motion to become a homeowner.
House hunting can be one of the most nerve-wracking and exciting experiences. It can also be a turning point in your life when you walk through the front door of your new home for the first time. If you’re not quite sure that you’re ready, the signs above will tell you whether you’re more prepared than you first thought.