When you’re considering whether you’re ready to buy a home, finances obviously play a huge role in that decision; you need a certain amount of money to cover the down payment and closing costs—and need the financial stability to cover your home-related costs each month.
But money isn’t the only factor to consider when deciding whether you’re ready for homeownership. So, the question is, what are some non-financial signs that you’re ready to make the transition to owning your own home?
A recent article from realtor.com outlined key signs that you’re ready to be a homeowner that aren’t related to finances, including:
- You know where you want to settle down. Generally, for a home to be an investment that increases in value, you need to hold on to the investment for a significant amount of time—at least three years. If you know you’re committed to settling down and staying put in your area for the foreseeable future—and have no plans on moving anytime soon—it’s a sign you’re ready to buy.
- You want more control over your living space. When you’re renting, there’s only so much control you have; you can’t really do anything to or in your space—like make home upgrades or get a pet—without your landlord’s permission. If you’re craving more control over your home, buying can give you that control.
- You understand the demands of home maintenance and upkeep—and are ready to tackle them. Maintaining a home is a lot of work. If you understand the work that goes into keeping your house in tip-top shape—and feel fully prepared to tackle that work—you’re ready to be a homeowner.
The Takeaway:
So, what does that mean for you? If you’re thinking about buying a home, it’s important to make sure you’re ready—from all angles, not just financially.
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