Buying your first house is one those events that you will remember for the rest of your life. There are many renters and would be buyers who are in a rush to buy simply to say they own a home. One of the biggest mistakes that first time homebuyers make is in thinking that just because they are approved to buy they are ready to be homeowners. Owning a home has many perks and advantages but it can also set you back if you are not truly ready for the commitment. Before you buy you need to be ready for everything that home-ownership will throw at you.
1. Do You Have Enough Money For Closing And Home Maintenance?
Having money to close is one thing but having money as a homeowner is another. If you have rented for a while one of the biggest changes is that as the owner you are responsible for everything associated with your property. Everything in a house costs money from the lawnmower to furnace. If you do not have at least three months of mortgage payment saved up in addition to a small reserve fund you can open yourself up for trouble if something needs to be fixed in the property. Getting into the house is great but it is more important to be comfortable in it once you get there.
Finding your way after you graduate or before your career gets going can be a tricky time. Before you buy you should be as comfortable as you can be that you are in a profession and a company that you can see yourself in for the future. This doesn’t mean you can’t change jobs if a better situation comes along but you should be able to seamlessly find employment. Your income should be high enough that you can comfortably pay your mortgage on time without having to make massive concessions in other areas of your life. There may be some sacrifices if your monthly housing payment is going up but not to the point that there isn’t food on the table or clothes on your back. If you wait until you have a good idea of your income and finances you will enjoy the home buying experience that much more.
2. Do You Love It Enough?
You should truly love the house you are buying. This may sound obvious but buying a house because it is a good deal or because you like the layout are not good enough reasons to commitment to it for the future. If you don’t love your home when you buy you will come home every day upset that you didn’t wait or didn’t look at other properties. Buying a home is one of those purchases that you should not just settle on. Very few houses will ever be perfect but you should see enough value and be truly excited enough in the property that you can’t wait for the closing date to move in.
Buying a home should be a day of great excitement and expectations rather than a day when you are worried about how you are going to make the payment or pay for repairs if they are needed. There will always be other properties to buy if you wait three, six or nine months from now. Just because you are approved to buy may not mean you are ready to.