How To Know You Are Ready to Buy a House

Image credit

Becoming a homeowner is still one of the major ambitions of people all around the world. You may be sick of living with your parents or dealing with landlords and are ready to have a place that you can call your own. But it is a major commitment that you don’t want to enter into lightly. After all, there are a host of financial and practical considerations which you should not overlook. Essentially, you should temper your excitement about the prospect of owning a home with some sound planning and reasoning.

If you are struggling to make a decision as to whether or not you are prepared, here are a few common signs that you are ready to buy a house.

You Have Started to Look at Homes to Buy

If you have found yourself slowing down whenever you see a ‘for sale’ sign or happily spend your free time scrolling through home buying websites, this is a major sign that you are ready to take the big step and buy a place of your own. Doing this kind of research stands you in good stead as you will be much more aware of what type of property you are looking for and what your budget can stretch to.

You Have Looked at the Numbers in Detail

First and foremost, you should calculate exactly what you will be spending by buying your house. How much of a deposit have you managed to get together? What will your monthly repayments look like? Have you factored in all the other fees that are involved in home buying? Once you have this budget in place, you will be in a much stronger position to decide what is in your price range so you can avoid stretching your finances too far.

You Feel Settled in Your Job

If you are content in your current company and can see yourself working there over a number of years, this is a good sign that you are ready to put down some firmer roots and purchase a property. Either you are happy in your current job role to continue in the long-run or you see enough opportunities for progression that will keep you in one place. Not only is this important for your own sense of stability, mortgage lenders often look at your job history to get a better idea of how steady your employment history is.

You Have Checked Out Your Credit Rating

Before you go any further down the path of home buying, you should make sure that you have investigated your credit rating in more detail. Having a good credit score makes it more likely that you will secure a mortgage easily, but there are also plenty of options if this is not the case so take a look at for more information. Ultimately, making sure that you are well informed on this issue is another factor that will help you out in the long-run.

You Are Ready to Stay in One Place

If you walk around your home town and think that this is the place for you, this is a good sign that you are feeling settled enough in your life to buy a home. Alternatively, you may be looking at places in a different neighbourhoods, but you want to feel comfortable that you envisage yourself staying there for the next three to five years at least. If you buy and sell a place in less than two years, you may well end up losing money on the house because of all the additional fees and costs involved. So, there are a number of factors that you will want to consider when settling on the decision to stay put including your commuting distance from work, the opportunities available in your local area and proximity to friends and family.

You Feel Mature Enough to Own a Home

When you own a home, it comes along with a whole host of responsibilities which you need to ensure that you are 100 percent ready for. As well as ensuring that you make your mortgage payments on time every month, you also need to be prepared for any repair bills which may come up. There is also the general upkeep and maintenance which will be entirely your responsibility. And it also helps to have some basic DIY which you are ready to use when you need it. You also need to have the self-discipline to prioritise your mortgage payments and home maintenance costs over other things that you may desire at the time.

You Are Ready to Start a Family

One of the major signs that you are ready to buy your own place is that you are thinking about starting a family. Owning a house seems to have much more stability than renting and this is what many people are looking for when they want to have a family of their own. You also may be looking for more space and more freedom in personalising your home as you would like rather than needing to ask for someone else’s permission. So, you will want to factor a few things into your thinking including the quality of the schools in the local area, whether there are other young families nearby and how safe the neighbourhood is.

If you have experienced one or more of the signs we have just talked about, you may find that you are ready to buy your own home. However, before you rush into any decisions, you should make sure that you have done plenty of research so you know the challenges and potential pitfalls that lie ahead of you. Once you have done this, you will put yourself in a much better position to enjoy this very exciting time in your life and also give yourself peace of mind that you know exactly what you are doing.   

Michael Foote

Michael Foote, founder of Quote Goat, has over 13 years experience working in the finance, insurance and currency sectors, gaining a financial qualification in 2010-2011. LinkedIn Profile

How To Know You Are Ready to Buy a House

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *