“Am I really ready to buy a home?”
Of all the lifelong dreams we have as young people, one of them is to be able to finally own a house all to ourselves. However, before you go about this exciting and costly venture, you need to ask yourself, "Am I really ready to buy a home?"
Find out if you’re really prepared for the commitment of purchasing a home by asking yourself these questions:
1. Am I ready to bunk down in one location for a long time?
If you find yourself tired of moving from one place to another often, then finally settling down in a home of yours is a great way to stay put. Not only that, but a myriad of other benefits also come into play. For example, this time around you’re your own landlord! So you can do whatever you want inside the home and you can have as many pets as you would like, among others. To add to this, staying put also allows you to be more focused on different tasks, such as your job or spending more quality time with your family.
If you are the type who loves to move around a lot, though, or if your lifestyle requires you to travel, buying a home might not be the best option.
2. Am I ready to cover the down payment?
When you are buying a home, note that you will need to make a down payment. The amount you will have to pay will depend on many factors, such as the home's value as well as the seller’s pricing. For example, you might find some larger homes with a 20 percent down payment, meaning that 20 percent of the original amount must be paid upfront to the seller. However, you might also find other homes with a down payment as low as 5 percent - it varies case by case (FHA loans can be as low as 3.5%, or $0 down for VA and Rural Development) so speaking with a qualified real estate agent in the area is never a bad idea!
Either way, keep in your mortgage in mind, as the less you must borrow means the less interest overall. In other words, the larger the down payment you make with your own money, the less money you will have to borrow.
3. Am I ready to be responsible for the home?
Having a home is not all about lying on the couch and enjoying life. Instead, when you have a home, the responsibility of taking care of each aspect of the house is on your shoulders. From cleaning it daily to carrying out maintenance on the utilities, there are so many responsibilities that are all part of being a homeowner.
Of course, you are given the ability to hire professionals to help take care of the home, but you wouldn’t hire professionals to do simple tasks like mopping the floor or clear the lawn, would you? So, if you’re not ready for an increase in responsibilities, then staying at a rented place might suit you better.
Conclusion
There are many more questions you need to ask yourself to determine if it’s wise for you to purchase a home, but the three we’ve listed above are perhaps the most crucial. Of course, the decision is ultimately up to you.
That said, there is always a form of risk and excitement when it comes to buying a home, so even if you feel a little unready for it, sometimes, you just need to take a small leap of faith. If you’re still unsure, consider working with a real estate agent in Genesee County. With their help, not only will the buying process become a lot simpler and smoother, but you will be much more confident with the home you purchase in and, in the end, be happier with your decision.
Ready to find your dream home today? Are you looking for houses for sale in Davidson, MI? Check our offerings today at Smith Street Homes!