Homeownership is a large step to take, and many have difficulty recognizing when they’re ready for that change. There are huge financial obligations that come with it, long-time commitments, and a lot of stress from property upkeep.
None of this means that owning a home is impossible, though! These are the top signs that someone is ready to start moving forward with homeownership.
Apartments have their limits. Although many love that contracts don’t have to be very long, and the financial commitment can be low, they hold many back on the lifestyles they want to lead. If you have more than one or two children, or if you’re going to have a couple of large pets, apartments aren’t going to work for you much longer.
Consider how much the average monthly payment for a home in your area is. Most of the real estate for sale in Whistler would cost around $2,000 a month for house payments. If you, and your partner, make a combined $6,000 or more a month, you should be more than ready to purchase a home. There are other areas where house values are lower, but don’t be afraid to shop in the area you want to live in.
Instead of considering what it would be like to live somewhere, are you thinking about renting the property out as income? Rental properties can help pay off mortgages while also allowing you to allow a property to gain value. Within ten to thirty years, you could own this property without ever having to pay a full house payment yourself.
If you’ve been working on your credit score for years, you’re not alone! Most people in North America agree that their scores are lower than they want and that they’re working towards a better score. If you’re one of these people, and your score has finally improved, it’s okay to celebrate it! The better your credit score, the lower your interest will be on your loan, which will, in time, give you the chance to pay it off sooner and for far less money.
How much money do you have in savings right now? It’s rare for most people to have anything more than a couple of thousand dollars in their savings: but some are more diligent than this! If you’ve saved a large amount of money instead, and you have a healthy financial diet, it could be time to buy a home! The house itself may change your current budgeting, but the good thing is that all budgets are malleable.
If you fit most of these, it may be time for you to buy a home! Just remember to shop around, find a place that speaks to you, and try not to spend too high on your loan, and you’ll have the home of your dreams in no time.