How will you know when you’re ready? Could it be, one day, it’ll just happen? Buying your first house is a big deal, scratch that, it’s a gigantic deal. It’s very important! Some take too long. Some dive in too quickly. This article gives you everything you need to know to make the right decision. Here are the six signs that let you know you’re ready to buy your first house. Dig in!
1. Ready to Buy Your First House: Stable Job Matters
Out of every sign on this list, this one is likely the biggest. The experts agree that in most US cities, owning a home is a better financial choice than renting but you need to have a stable job first.
If your career path says that you’ll be moving to a new city in a year or two, do not buy a house. Three years is a bit of a toss-up, depending on your particular situation. More than three years? Owning a home will almost always save you money going forward.
2. Ready To Buy Your First House: Need More Space
Most apartments are fairly small and have little, to no outdoor space. Renting a townhouse gets you a bit more room but there are fewer of these out there. If you can find a house to rent, this won’t be an issue but in many real estate markets, rental houses are quite rare and cost a to rent.
Do you have a dog? Or multiple dogs? Then you already know a yard would be a great feature.
How about children? I’ve heard they love to play outside, at least, before Al Gore invented the Internet. *wink*
Families with lots of children understand how important it is to have plenty of space so that everyone isn’t literally on top of each other. Having a home with adequate space for a large family is like a neon sign saying “You are ready to buy your first house.”
3. Ready To Buy Your First House: Home Improvement Is Your Thing
Do you love to get your hands dirty? Enjoy the sense of accomplishment that comes with a completed project. Consider yourself a DIYer? You are a prime candidate for home ownership.
When you rent you can not do much more than paint and sometimes not even that. When you own your own house, the sky’s the limit! Floors, walls, ceilings… basically everything can be modified to suit your personal taste.
Sure, you can hire a professional (and pay for it) but sometimes it just makes more sense to tackle the project yourself. Here is a list of ideal home improvements that are currently hot in the market.
4. Ready To Buy Your First House: Tired of Wasting Money
This sign might seem obvious but until you’ve owned your own house, you probably are not familiar with how owning a house can save you money. There are actually a couple of ways.
First, there’s a very, large tax deduction, that only homeowners get, on their mortgage interest. Depending on your situation, this could save you thousands of dollars in taxes each year.
Second, believe it or not, houses appreciate in value over time. Crazy, right? Buy a house for $200,000, live in it for five years, and this home, now older, is actually worth more! Let’s see if your apartment lease can do that.
The starting point, of course, is to compare the details of owning a particular house against renting a particular apartment. Gather all the numbers and compare those costs.
If you’d like to go into more detail on this topic, visit this Rent or Buy in Louisville KY? article I wrote last month.
5. Ready To Buy Your First House: Desire a Place to Make Your Own
People who have very particular tastes are going to be more satisfied living in a space that has been customized to fit their preferences. Rental units simply do not allow this.
Today’s home builders understand what people are looking for in a house. Then they go out and find the lot, build the home, then market these desirable properties to the public.
But even these homes allow you great leeway in making them “fit” you. Are you one of those people that feel like your home needs to be a reflection of who you are? Do you get an improved sense of well-being living in a space that speaks to you?
If you said, “Yes,” then this might be a big sign telling you that you are ready to buy your first house. When it’s yours, it’s yours and if you want to turn that small fourth bedroom into a grand, walk-in closet for your master, then you can! No landlords to ask… it’s entirely up to you.
6. Ready To Buy Your First House: Enjoying This City
Do you love your city? Does it offer everything you’re looking for? If so, that’s another box to check when evaluating if it’s time to purchase your first house.
Some cities are simply more appealing than others. Even in the same city, some parts of the city may better fit your lifestyle. If you’re considering a relocation, make sure you tour as much of this city with an experienced Realtor who can highlight all the pros and cons. That way you’ll be able to identify if it’s a good fit for a new house purchase.
So there you go. These are the big six signs to see if you’re ready to buy your first house. Hope you’ve enjoyed it! And as always… if you have any questions, please contact me.