Signs You Are Ready to Buy A House
It all starts with that first inclination to have something you can call your own. People are encouraged to buy a house for a number of reasons and one of the most common is to stop paying rent and start owning a property of your own.
The gratification you feel after receiving your key and moving in can be both thrilling and extremely satisfying, especially after all the hardwork you put in to earn that house! But, before experiencing such, it is important first to know if you are truly ready to buy a house.
There is a lot at stake when you decide to buy a house. Considering that buying a house require a huge investment, you need to know first if you are ready to undertake such responsibility and risk. To help you know if you are ready to buy a house, here are some signs you should watch out for:
- You want an ownership investment. You realized that you needed to make use of your money practically and want to invest in something that you can call your own. A home is not a liquid asset – but historically speaking it is a solid one.
- You are financially capable. Take a look at your finances and take note to make sure you are capable of buying a house or even affording the downpayment and monthly payment. Working with a lender will also be able to help you determine what you qualify for.
- You have a stable monthly income. So long as you have a more consistent and stable income coming in every month, you never have to worry about being ready to pay your monthly mortgage.
- Your family is growing. It is very common to rent a house when you are living alone or even as a couple. But, if you are ready to have children, or your baby is starting to grow up, it could be time to invest in a good home where they can grow up.
- You are financially responsible. This means that you see yourself thinking practically when it comes to budgeting, purchasing your wants and needs and allocating your finances every month. Missing a mortgage payment due to short funds will seriously hurt your credit – in fact, many lenders say, nothing hurts your credit more! On that note…
- You have a high credit score. When you have a high credit score, you are more likely to get the best deal of a home loan. You can have a better interest rate and you are most likely to be approved by your preferred bank or lender. Traditionally you will need a 680+ to qualify, however it is best to check with your bank/lender to determine which program you will qualify best for – or if you need to develop a purchase plan.
You have extra money for furnishings. Buying a house is just the beginning, you also need to keep in mind what is going inside. Furniture, interior paints and decorations. When you have extra money to spare for these as well, you are ready… because no one wants to live in an empty house!
The Unique Properties Team
Unique Tulsa Real Estate
Call us: 918-760-6959
