As the psalm and song go, “To everything – turn, turn, turn, there is a season – turn, turn, turn.” This is certainly true of the season of renting a home as it turns into the time to buy. Buying a new home can feel like a daunting adventure, and if you’re uncertain of whether or not you’re ready, we’re offering 4 signs to help you make the decision!
1. Space: If you have more people than rooms living in your home, it’s likely time to upgrade. Often families will start off with small children sharing a bedroom when they’re young. As kids grow, some families find it’s best for the home to grow with the child – adding space as needed. A larger, or new, home is an ideal solution.
2. Credit: While you don’t have to have a perfect credit score to own a home, a good score will help lower monthly rates and your mortgage interest rate. You want to have a steady source of income, along with the ability to continue paying down any future debt and loans.
3. Savings: There are upfront costs that come with owning a home, with everything from home inspections to closing costs. While the first hurdle to owning a home is credit – making sure you have a good score and own your own credit – there are out of pocket costs to consider. If you’ve amassed a savings designated for these upfront costs, you’re ahead of the game! It’s also a sound idea to create a budget for your monthly costs, from mortgage to utilities, so you feel prepared to undertake your new financial responsibilities.
4. Ready: You are prepared to be your own landlord, and take on typical home repairs – from lawn maintenance to appliance upgrades as needed. Owning a home is a joy, but it’s also a responsibility!
Be prepared for buying your new home, but don’t be afraid to take the leap! Owning a new home is part of the American dream, and it’s also a great investment.
If you’re ready to buy a new home today, we’d love to help! Call DeSelms Real Estate today at 615.550.5565