Are you a current renter looking to buy your first home? Congratulations! That’s an amazing step, and we can’t wait to be there to support you throughout the process. However, part of supporting you is making sure that buying a house is the right step for you at this moment, so make sure that you check out the five questions below before moving forward with the process.
- Are you able to pay the mortgage each month?The most important question to consider before buying your first house is whether you’re financially able to make that kind of commitment. If you’re someone who is working in a relatively unreliable job, you may want to hold off on buying your first house until your income is more dependable so you don’t ever end up defaulting on your loan.
- Are you in a position in your life where you think you’re going to stay put for at least a couple of years? While renting may not be a great long term investment, it can definitely be the smartest option if you’re planning on making any big changes in the next couple of years. For example, if you think you’re up for that big promotion in Spain next year, you may not want to put all of your money into a house that will be obsolete all too soon. While there’s a chance that you may be able to get your money back if you turn around and sell a house again quickly, housing is typically a good investment only if you have the time to let the area around it develop or if you can make a lot of improvements quickly, which is usually something only practiced investors are able to do well.
- Can you currently afford a house that you’re going to enjoy living in?It’s one thing to be able to afford a house, but it’s another to be able to afford one that is actually worth transition from renting. After all, if it feels like a down grade to buy a house that you can afford, you may want to wait just a bit longer so you can buy a home that you’re excited about. All of that being said, keep in mind that if you own the house, you might be able to make improvements to it that will make it worth I, but to do that, you’ll need to have enough money left over in your budget to make improvements.
- Do you know a real estate agent that you trust? Almost everyone knows a real estate agent or two, but knowing one who you think will pay attention to all of the little details that are important to buying a house is something you need to be sure of before making any big moves. After all, they are going to be your advocates throughout this process, and since you’ve never done this before, you need an expert on your side.
- Why are you wanting to buy a house?Buying a house is one of the coolest, most financially important things you’ll ever do, but it only makes sense for some people, so make sure that when you decide to buy a house, you’re doing it for real reasons and that you’ve really decided that this is the best, financially safest move for you moving forward.
These tips have been brought to you by Maria Sims Group, a company dedicated to making sure that you’re in the best home for you. If you have any questions about our company or would like to ask about a personalized list of homes that would fit your needs, please reach out. Our homepage can be found at mariasimsgroup.com or you can call us at 404-805-0673.