These signs could indicate you’re ready to purchase a property.
Buying your first home can cause a lot of anxiety. After all, it’s likely to be the most expensive purchase you’ll make. How do you know when you’re ready to take the plunge and buy? Here are a few common signs that indicate you’re ready.
You’ve saved enough for the down payment.
The biggest up-front cost of buying a property is the down payment, which can range anywhere from 3 to 20 percent of the purchase price.
You have a good credit score.
Although having a perfect credit score isn’t essential to obtain a mortgage anymore, it does help to get approved and secure a good mortgage.
You have steady employment.
If you’ve been in the same job for at least two years, you’re most likely financially stable enough to have a mortgage. It will also be much easier to get approved for a loan with two or more years of employment.
You don’t plan on moving to a new city anytime soon.
Generally, buying is cheaper than renting, but only if you don’t move within three years. If you plan on settling down in the city you’re in and don’t have immediate plans on relocating, then there’s a good chance that buying a home is right for you.
You can afford to make repairs.
Homeownership comes with the responsibility to maintain the property. There won’t be any landlord to call when things go wrong. When you have a mortgage, you’re responsible for any and all repairs needed.
Even if just a couple of these apply, then you may be ready to buy your first home. Homeowners insurance is a consideration for all new property owners. Ensure that you have the optimum coverage by visiting the professionals at Gee-Schussler Insurance Agency. Our team is here to help you protect your home in Orland Park, Illinois.
