Posted by: Regent Homes, on September 24, 2013
Buying your first home is a big commitment. There’s a lot of excitement in buying and moving into a new home (especially if you are building a new home in Columbus, Ohio), and also a ton of anxiety that can come with owning your first piece of property. So how do you know you’re ready? How do you know you’re prepared for the long-term investment? Here are four tips to tell if you’re ready to invest in your first new home:
1. You’re ready financially
Buying a home isn’t just swapping rent for a mortgage. You’ll need to think about closing costs, taxes, homeowners insurance, repairs and upkeep. If you’ve gotten the swing of keeping a monthly budget, paying down debts and building up your savings, you know you’re ready to take on a mortgage. Keep saving to build an emergency fund and a down payment on your house. By paying off student loans, credit card balances, and auto loans on time, you can help keep your credit score around 720-740, just the range lenders like to see on a loan application.
2. You’re ready for more room
Do you find yourself constantly out of space, maybe having to rent off-site storage for larger furniture? Are you thinking of having kids or adding to your existing family? Do you find yourself longing for basement or garage storage space, or even just more common areas to enjoy time with guests? If you’re answering “yes” to all of these questions, then maybe you’re ready to own a home. Purchasing a home doesn’t automatically mean upgrading from a two-bedroom apartment to a twelve-bedroom mansion, but one or two extra bedrooms give you room for more kids, office space, or guest rooms. And remember that a home isn’t just square footage. In addition to more storage, you’ll have front and back yards for playing and entertaining.
3. You’re ready to take control
Ever find yourself eyeing the paint color on your apartment’s living room wall? Or do you find yourself staring at the bathroom and mentally adding new fixtures? Maybe you’ve been wanting to upgrade some of the kitchen appliances? These are all signs that you want to be in control of your living space, that you want to make the decisions and the changes. If you’re ready to make your home truly yours, and not just your landlord’s, then owning a home is for you. You can re-do the basement into a home theatre room if you want. Or take that patch of bare backyard and turn it into a patio. Just remember that owning your home puts you totally in control! When the hot water heater breaks, that’s your responsibility, too!
4. You’re in it for the long haul
Saying that you’re ready to settle down doesn’t mean that you’re willing to settle. It means that you’re ready to make a house your home. You have a stable job. You want to be a part of a neighborhood. You’ve found schools that you want your kids to attend. You know you’re ready when you want to make the big financial investment in a piece of property, something that you can cultivate and improve over the years, one small project at a time.
Knowing your response to these four critical areas will help reveal if you’re ready to finally make the decision to become a homeowner. Chances are, you’ll still have lots of questions. Our team is always available to help you as you consider buying a new home!
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