Thinking About Buying Your First House? 5 Signs You May Be Ready

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You can’t wait to buy your first home. You’ve been scrimping, saving, and counting down the days until you’re ready to move into your first place. But how do you really know if you’re ready? You need to make sure you’re both emotionally and financially prepared for the responsibility that comes with homeownership. To help you figure out if it’s the right time for you, look for these signs before becoming a homeowner.

1. You genuinely want it.

According to Yahoo! Finance, make sure you’re pursuing owning a home because you want the freedom, opportunities and possibilities that come with it – all three are great, but also bring more responsibility. While this emotional component may seem like an easy one to figure out, it’s often harder than it sounds. The idea of owning a home is great, but renting is easier in many ways. With renting, a lot less responsibility falls on you to maintain and take care of the place.

2. You’re planning to stay.

Plan on staying in your new home for a minimum of five to seven years, according to a Bankrate article. There are several expenses that come with homeownership, such as the down payment, mortgage-related fees, and home maintenance and repair expenses, meaning short-term homeownership is rarely a smart financial option. If you turn around and sell a house after only being there for three years, you’re not going to break even. Make sure you have a secure employment situation and are satisfied with staying in one place for a while before making the leap to buy.

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Yahoo Finance, Harvard Business Review, Market Watch, The Wall St. Journal, Financial Times, CNN Money, Fox Business