Should I buy a house now?
Should I wait?
How do I know when I’m really ready?
Have you been asking yourself these questions? Today, I’m going to be sharing 10 signs that you may be ready to take the exciting plunge into home ownership.
There will probably never be a time that it doesn’t spark a little fear for you, and I think that’s probably a good thing. Understanding the magnitude of this tough decision and giving it the respect it deserves is important.
If this is your first time here, welcome! If you’ve been here before, thank you so much for spending your time with me. My name is Lindsay and I‘m a proud Anthem resident and your local REALTOR® with the Wise Move AZ Team at Realty ONE Group. On our blog and our YouTube channel we have a lot of fun talking about all things Anthem and real estate every single Thursday, and we absolutely love having you along for the ride.
All of us here at the Wise Move AZ Team have been renters at one point or another in our lives and we’ve also been buyers. Guess what! For each of us that home buying experience was so impactful that it sparked our careers in real estate. There’s no better feeling for me, than helping someone get into the home of their dreams at the right time. Don’t get us wrong, there is definitely a time and place in life for renting but there’s just something about the pride of being able to call a place your own that can’t be beat.
Signs You’re Ready
Now, you might be expecting a post about assessing market conditions, saving money, and explanations on how to time the market. If that’s what you’re looking for I’ll link to our Buyer playlist here, where we have several videos about the more technical aspects of the home buying process. Instead, today, I wanted to look at the more personal circumstances that come into play, because let’s be honest selecting, buying, and living in a home is about as personal as it gets. So, I hope you’ll stick with me as I take a look at the personal factors that contribute to the decision of whether you should buy a house now.
#1: YOU PAY YOUR RENT ON TIME AND YOU EVEN HAVE A LITTLE TO SPARE
If you’re consistently paying your rent on time and you’re squirreling a little away into your savings every month you may be a great candidate for purchasing a home. While it’s possible that your mortgage payment could be more or less than your current rent, that habit of saving a little will really help with your down payment and the ongoing costs of home ownership.
#2: YOUR CAREER IS GOING WELL
If you’ve got a good job and steady income you’re well on your way to qualifying for the mortgage to take you from renter to owner. Bonus points if you love what you do and the person you sit next to doesn’t drive you crazy!
Oftentimes the lender will look at your employment history as they want to verify your ability to make the mortgage payments. Lenders want to limit the risk they’re taking. If you’ve moved to a new job or industry lately, don’t worry, it’s not necessarily a deal breaker, you may just want to start the conversation with a Lender a little bit earlier so that you totally on the same page about your options.
#3: YOU WANT MORE FREEDOM
Are you getting a little tired of the rules that come along with renting? No big dogs, no painting, no loud music, blah, blah, blah. We totally get it!
You want a space where you can do what you want, when you want, and you want the freedom to make it your own! Well guess what… when it’s YOUR HOUSE, it’s YOUR RULES! While home ownership does come with a ton of responsibility, I completely understand the desire to make decisions about your space. We rented for the majority of my childhood and I remember being so envious of friends who had painted the walls in their bedrooms to fun, bright colors. So, when I bought my first house, I was so excited to start picking out paint colors. Although by that point I was more into the grays than the bright pinks, just saying.
#4: YOU WANT YOUR MONEY TO WORK HARDER
You work so hard to make money and then the rent is due and POOF, just like that it’s gone. Owning a home won’t necessarily decrease your monthly expenses, but when you pay your mortgage, instead of rent, you’re actually building equity in your home. Think of it as investing in yourself a little more every month! Also, while the real estate market fluctuates, by and large it has consistently appreciated. This can stretch your investment even further.
#5: YOU’VE GOT A GOOD HANDLE ON YOUR DEBT
If you are consistently paying off your credit card in full and steadily chipping away at those car payments and student loans, you rock! Mortgage companies consider the big picture when determining how much you qualify for and the more control you have over your debt, the better. A quick call with a local lender can help you to understand the debt to income ratio they are looking for, and if you need to make any changes to your current debt before home ownership is an option. All in all, if your current monthly payments are reasonable and you’re making them without issue every month, you’re in a great spot.
#6: YOU WANT TO PLAN FOR RETIREMENT
If you’re anything like us, you love what you do, but you also have big plans for retirement. It’s quite possible that by the time you retire your house will be paid off in FULL. Just think of all the possibilities! You can either stay in that home, mortgage free, or you can downsize and cash in on your investment. Either way, you’ll have put yourself in a great position to travel, golf, or spoil your grand babies. That sounds like a win to us.
Renting gives you flexibility to move around more often, but we all know moving every few years can be a PAIN! Even your friends are a little tired of the phone calls asking if you can borrow their truck for moving in exchange for a few beers, right? If you’re ready to put down some roots and stay in one place for a while (say, 5 years or more), home ownership might be perfect for you.
#8: YOU FIND YOURSELF SAYING OR THINKING “WHEN I HAVE A PLACE OF MY OWN…” MORE AND MORE
Buying a house is as much an emotional decision as it is a financial decision and it’s a BIG decision at that. If the thought of owning your own home brings excitement (sprinkled with a little bit of worry), then your heart and mind are in the perfect place.
#9: YOU’VE RECENTLY STARTED OR YOU’RE PLANNING TO START YOUR FAMILY SOON
Whether you’ve already got a few kids in tow or you’re just starting to think about what your family is going to look like, buying a home allows you to have an active say in what school or district your kids attend. You can also make sure the backyard has the perfect pool that will make you the most popular house on the block.
#10: YOU’RE READY TO MAKE THAT PINTEREST BOARD A REALITY
Have you been pinning images of your dream kitchen, watching way too many home reno shows, and mapping out paint colors in your head for as long as you can remember? When you have a place of your own that ‘to-die-for’ laundry room can finally be YOURS! In fact, once you’re settled, you may want to watch this video where we share some of our favorite DIY home improvement projects.
So, there you have it! What do you think? Do any of these points hit home for you? If so, it might be the perfect time to take the next step and become a proud homeowner. If you’re considering a move to Anthem, Arizona we would love to be a part of your journey. Alternatively, if you have your sights set elsewhere we would be more than happy to connect you with an agent in that area who does great work for buyers just like you. If you have questions about next steps please send us an email at Team@WiseMoveAZ.com.
Lastly, if you want to learn more about what it means to be in a buyer’s market or seller’s market, and whether you should try to time the market to your advantage click to watch this video. Or if you’re moving out of state and you’ll need to start your search remotely, click to watch this video for our best tips on virtual house hunting.
Enjoy those and I’ll see YOU next Thursday!