The economy, and with it the housing market seems to be moving solidly into a more stable place
What this means is that the American dream of homeownership is more attainable now than it has been for the past 10 years, and now may be the time to begin thinking about buying a home of your own. While the economy may be ready, you might not be so sure, so are you ready to buy a house in Chandler?
5 Signs You’re Ready For Home Ownership
Buying a first home can be a bit of an intimidating experience. You’re not sure if you’re fully prepared, and you don’t want to get in over your head. 5 signs you’re ready for homeownership are:
You’ve limited or eliminated your debt
That outstanding credit card, a car loan, or student loan payments can really put pressure on your bank account. Even if you can afford mortgage payments on top of these bills, they really limit the amount of money you’ll have left over for savings, home repairs, and property taxes. Once you’ve eliminated or nearly eliminated these debts, you may be ready to own your own home in Chandler.
You feel stable in your employment
In order to be approved for a mortgage, a steady job is a necessity. However, a steady job isn’t always a job you feel real stability in. Once you’ve found a career or position that you feel confident in, you can begin considering what type of home that salary will be able to buy in Chandler.
You have a solid savings account
Keeping a savings account is a must for homeowners. The unexpected is always an unwelcome surprise, but one we can count on from time to time. A job loss, an injury, an illness, a spike in property taxes, or a sudden home repair need can pop up at any time, and a savings account will be necessary to cover these expenses. A good rule of thumb is to have 1 year’s salary in savings just in case.
A long-term plan
Moving around can mean an adventurous lifestyle, but if this is the life you’re planning for, renting may be a better idea than homeownership. When you purchase a home, plan to stay at that residence for at least 5 to 10 years so you don’t lose out on the investment.
You know you won’t be “house poor”
House poor is a term used when you have a home, but not much left over for anything else. If you’re unable to live your life the way you wish because you own a home, you may not be ready to make the purchase just yet.
Home Ownership Within Reach
With the right preparations, home ownership is an attainable goal for anyone. Once you have these preparations in place, you can feel confident in beginning this new journey in your life. For more information regarding homeownership and the right way to prepare before buying a home, contact the Deb Klein Team today.