5 Signs You’re Ready To Buy a House

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At some point, most people start yearning for their own home. Not just because it’s a financial asset that will benefit generations to come but it also allows you to have more control over the space you’re living in. However, the market isn’t exactly welcoming for first time buyers at the best of times.

So, even though you may want to buy your first house, how do you know that you’re ready? Here are some clear signs that you’re in prime position for getting on the property ladder.

You’re Paying More Rent

Rent takes a significant chunk of a renter’s income. If your rent has recently been increased, you may be wondering if it’s worth renting anymore. In some cases, it works out cheaper for people to pay a mortgage than rent from someone else.

Note: This post may contain affiliate links, which means if you buy from my link I might make a small commission. This does not affect the price you pay. See the full affiliate disclosure here.

Do your research and you may find that the mortgage on your ideal property works out cheaper. This is proof that you could afford to pay the mortgage and still have money left.

You’ve Seen An Opportunity

Perhaps you’ve noticed a scheme in your area that would allow you to buy your own home. If these types of schemes take your attention, it could be a sign that it’s worth looking into. Many schemes allow first time buyers opportunities to get onto the property ladder by making it easier with low deposits or no deposits.

For instance, a Pacific Mortgage Group FHA specialist can guide you through the criteria for loans and help you put together what you need to be accepted. These are ideal schemes for anyone who needs a leg up to buy a property.

Your Debt Is Low

If you’ve managed to decrease your debt significantly, you’re in the perfect position to consider buying a property. Debt levels are one of the first things that any lender looks at when considering who to give a mortgage to. If your debt is low or obviously manageable to you, you’ll look like you’re smart with money.

It also means that when you do own a property, debt won’t get in the way. Owning a property can come with many unexpected costs which means having disposable income is a must.

You Have a Solid Income

Since the COVID-19 pandemic, unemployment has risen significantly. Many people with mortgages have lost their jobs and are struggling to find work. If you can see that your job is safe and reliable for the foreseeable future, applying for a mortgage won’t be a risk.

The money that you have coming in will also need to go towards maintaining your house so make sure your income can cover it.

You’ve Got a Downpayment

Arguably the most concrete sign of all is that you can afford a downpayment. Saving a downpayment is no easy feat so if you have access to the money that you need, you’re in a unique position to get the ball rolling straight away. 

If you’ve found this article helpful, take a look at our home ownership articles.

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