Maybe you’ve dreamed about buying. Or perhaps you’ve researched for-sale homes online, tried to calculate how much you can afford to spend or peeked inside a few open houses. But are you really ready, emotionally and financially, to step up your game and make your move? Here’s a look at what mortgage and real estate pros know about who’s good to go and who needs more time to prepare for home-ownership. Top 5 things to make sure you’re ready to jump in the pool of home-ownership.
1. Plan to stay 5-7 years. With all the expenses that come with buying your first home, short term is not an option.
2. Get preapproved from a mortgage lender to know how much you can afford. This will let you focus on homes you can actually afford.
3.Timing is everything, come up with a timeline when you’re ready to move. If you’re in a lease for 6 months, now you know how long you have to get everything in order.
4.Saving for the down payment, inspection, and closing costs. There are lots of programs for first time buyers, but you will need a nest egg for other fees like your home inspection.
5. Being realistic about the time, effort, money, stress and hassle involved is an important step toward being ready to move forward.
Now that I’ve scared all the first time home buyers out there, let’s make your home buying dreams come true.