Buying your first home can be an exhilarating experience. After renting for years, you’re finally going to own your own home. One of the questions most people ask themselves when they begin to think about buying their first home is if they can afford it. There is another question, though, that you might want to ask yourself and it isn’t as obvious. That question is: am I ready to buy my first home? In order to figure that out, you may need to take a few of the following under consideration.
- Do I plan to stay in this area? People move all the time, and buying a home doesn’t necessarily preclude moving at some point in the future. But, if you move too quickly, you likely won’t have built up enough equity in the home and could very well take a loss when and if you choose to sell it.
- Am I ready for the responsibility? One of the wonderful things about renting an apartment is that the renter is not responsible for much, apart from paying their rent on time. If something breaks, maintenance can fix it. If the grounds need manicuring, the rental company has landscapers that will take care of it. When you own your own home, all of this responsibility is on you. Appliance repairs, lawn, and building maintenance can be a lot of work for someone who isn’t ready.
This blog is by no means designed to scare you from buying your first home. The peace and comfort of walking into a house that is yours, and yours alone, can make the added responsibility more than worth it. The point is just to bring to light the many things one must consider before finally making their first purchase.
For information and a free consultation, please feel free to give me a call.