Am I  Ready to Buy a House?

Let Napier ERA Help You Buy Your Central Virginia Home

There’s no way around it—buying a house is one of the most important decisions of your life.

Not only is it a financial commitment, but it means tying your future to a local community and economy. There’s no way to guess how things will look in ten, five—or sometimes even two years. So, it’s reasonable to ask this big question—how do you know when you’re really ready?

Look for these signs that may be clues you are ready to take the plunge:

1. You Feel Confident in Your Finances
   With many people graduating from college with over $30,000 in debt, stable finances look different for everyone. In general, you want to have credit card debt under control and look closely at auto and personal loans. If you’ve made a lot of progress paying down your debts, it may be time to buy a house.
   
   
2. You’ve Saved Enough for a Down Payment
   Gone are the days where you needed anywhere from 10% to 20% of a home’s value to qualify for favorable mortgage terms. Today, many quality lenders will work with buyers who only have a modest down payment. However, your down payment has a huge effect on the final amount of your mortgage. If you have rolled up some savings, it is a good sign.
   
   
3. You Have a Realistic Budget
   You may feel ready, but only a good budget tells you if you are ready. It’s true you can often arrange a monthly mortgage payment about the same as rent. However, there are other costs to be aware of, including property taxes, insurance, city assessments, utilities, and the expense of necessary home maintenance. If you’re backed by an accurate budget, you may be ready.
   
   
4. You Like the Idea of “Settling Down”
   There comes a time when buying a home starts to sound pretty good. This can depend on a number of factors—family, career, and simply finding a place where you enjoy being. This is one reason it’s crucial to research neighborhoods with the help of your real estate agent: Once you have a home, selling it is the only way to truly break ties.
   
   
5. You Look Forward to the Challenge of a Leaky Sink
   New homeowners are surprised by how much can go wrong—even in a building that’s in good condition. Most mishaps around the home are minor and won’t cost much to fix. However, it sometimes feels like every little thing is happening at once. It can help if you have an affinity for DIY projects, or at least a willingness to roll with the punches.

Contact Napier ERA to start your home search. Our real estate agents will be glad to assist you every step of the way.

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