Am I Ready To Buy A Home?

Buying a home is a BIG step in life.  How do you know if you're ready to be a homeowner?

There's no simple answer to this question; everybody's life situation is a little different.  But there are definately some things to keep in mind when you're asking yourself this question.

First and foremost, are your finances in order?  You'll need to have enough saved for a down payment, closing costs, and any moving expenses.  Having a bit extra put aside is a good idea, too- unexpected expenses can pop up when you purchase and move into a new home.  Is your income sufficient to pay a mortgage and utilities? Remember, as a single homeowner all those bills will your responsibility alone.  And of course a good credit rating is an asset when you apply for a mortgage.

Do you have the time required to take care of a home?  Homeownership is a big responsibilty.   Lawns need to be cared for, properties need to be painted and maintained.  Even some condo owners have some outdoor areas to take care of, such as a patio/deck.  Will you be able to "keep up" with your own home?

And of course, don't forget that home ownership is a commitment.  Buying a property means putting down some roots and becoming part of a community.  When you buy a home, you can't just pick up any time you want and move on like you can when you rent.  A home owner usually plans on staying put, at least for a while.

Lots to think over, isn't it?  Be sure to think things throught before you buy, so you can make the best choice for your life.

Sometimes Renting Is Better

But wait, you say.  Maybe renting is a better option for me.

Well, sometimes it is.  Renting can be the best choice in some situations.  You have to evaluate your own personal situation to make your decision.

Are you new to the area in which you'll be living?  If so, renting for a while is a good idea.  You'll be able to get a feel for the area without making the commitment of purchasing a property.  This way you don't risk unknowingly buying a home in a bad area.

How long will you be living in the area?  If you won't be staying in the community very long, renting is the way to go.  You won't have to worry about buying, maintaining, and selling a property that you won't be living in for long.  And if you buy a home and have to sell a short time later, be aware that the property may not sell quickly in the current economy.

Is your personal situation likely to change soon?  If life changes like marriage or children are on the horizon, you may want to hold off buying until you are ready to find a property that will accomodate your new situation.

Renting can be the right choice, in the right set of circumstances.  Just remember; be sure that you read and understand the terms of your lease before signing-you'll be obligated to live by the rules in that lease as long as you're a tenant.  And try to save a little bit of money each month, for the day when you're finally ready to buy.

Welcome Home!

So, you're single and house-hunting.  Good for you!  Home-ownership is just as rewarding for single people as it for couples and families.  Single folks do have to think of things a little bit differently than a couple though:

Who will be paying all the bills?
YOU!

Who will be doing all the cleaning?
YOU!

Who will be doing all the yardwork and maintenence?
YOU!

Yep, it'll all fall to you, the single homeowner.  But don't be scared off by that;  if you make good choices right from the start, you'll be able to manage everything just fine.  That's why this blog is here-to help guide you along the journey.