There are a lot of pretty excellent reasons for why you’d want to own your own home. Tired of the cramped space in your apartment, want to start a family and put down roots, saving on rentals, and more. However, it comes with plenty of tradeoffs as well. Ask yourself these questions from Time to get an idea if you’re ready to be a homeowner or not:
Are your finances in order?
One of the first things you’ll have to determine is your finances. Whip out your checkbooks and crunch some numbers to find out if you’re financially solvent. However, if you’re already having trouble paying for your bills, that’s a huge warning sign that says you aren’t ready.
Have you saved up enough for your down payment?
Ideally, you should have at least ten percent of your down payment already saved in the bank. However, you’ll have to save up at least 20 percent so you won’t have to shell out more for private mortgage insurance. Basically, the more money you save up for your down payment, the better.
Do you leave often or are you leaving anytime soon?
Do you have any plans to move to another country or continent? Then rental homes will work best for you. If your job requires you to travel extensively for weeks or months on end, owning a home might not be a stellar idea. You’ve got to be mobile, after all and probably won’t be able to look after the property, much less spend a lot of time in it. However, if you’re set on retiring there or having that one place where you can go when you want to go home, then go for it. Invest in that property. When you’re finally ready to give up all your travelling, you’ll have your dream home ready.
Are you ready to take on all the added expense?
Owning a home means you have to budget for a whole lot of other expenses: renovations, repairs, insurance along with paint jobs, landscaping and more. Are you prepared to take on all those? You also have regular homeowners fees. Imagine all these stacked on top of your mortgage. If your finances can handle all that, then you’re in a fantastic position to buy a home.
Ready to look for homes for sale in Houston? Contact a local real estate company like Keller William Houston Realty Memorial for real estate assistance and services.
The Keller William Houston Realty Memorial offers invaluable real estate assistance. If you want to find the best homes for sale in Houston, get in touch with us today.
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