For many, buying a new home is a dream. It’s one of the things that people put on their bucket list as a teenager and it’s the focus when they become an employee to save for a deposit. If you have dreamed of owning your own home, then you might be planning to buy right now. But are you ready?
Understanding when the best time to buy your own home is important, and there have to be signs there that show you the time is right to do it. Your home is going to give you security, a future for your children, a place of your own that you love and care for the way you always wanted to. When does it make sense to buy one? Have you considered Maple Mortgage as a potential mortgage provider? Right now, it could be your time to buy a house of your own. Are you ready to view the signs that it’s time for you to buy a house? Let’s take a look:
Your credit is good
All applications for a mortgage are subject to a credit check. This check will determine your score and whether you are able to afford the mortgage and all of the costs associated with buying a house. Lenders will view a good credit score as a good sign and it shows you’ll be able to repay the debt. If your score is low, working on paying any debts that might hinder you from buying a house can raise the score for you.
2. Your savings account looks good
A packed savings account with enough of a down payment for the mortgage, as well as enough to cover fees and more will always be appealing to a mortgage company. You need to ensure that you have at least 10% of the property value, unless your broker tells you that 5% is enough, of course! Have the adequate amount in your account and you’re more likely to be approved for a mortgage and the house that you want.
3. You’ve been working on your debts
You don’t have to have very many debts, but even one can change the amount of money you can get for your mortgage. If you have been paying down debt, you’ll free up cash to pay the mortgage and the maintenance and it’ll also help you to show that you are able to pay out when you need to. If you’ve been paying your debts, the sign is there that you should be able to buy a house, and your broker will help you to do that. You don’t have to pay everything off, especially if you have a car or a student debt. However, you do need to consider that you may be offered less than you’d like.
4. You love the neighborhood
If you are looking to buy in the neighborhood you currently live in, you’ll be better off buying now because you can appreciate the place in which you live. Buying now allows you to stay longer in that area and if you are planning to be in it for some time, you’re going to be happier in the long run. It’s a good sign that you are ready to buy, if you are ready to keep loving a place you have spent time.
5. You have a great job
If you are in a stable career, it’s a good sign that now is the right time to buy a house. A great job with a steady and growing salary will be good security for you in the future, and if you are worrying about losing your job, that will prove you’re not in the right time to buy. A big thing to have when you buy a new house is stability. You need to know that you are going to manage your mortgage and insurance payments, and that you will be able to continue to pay your bills as you need to. An unstable career future will prevent this from happening. It’s vital that you are able to continue to pay so that you don’t lose your house to the bank. If you are unsure how your career will pan out, make a plan to ensure that the job you are in will last you. If there is a chance that it won’t, you have to have plans in place to progress your career in another industry if necessary. If you can’t advance in your career, relocation may be on the cards later on, and this isn’t something you want to consider if you plan to buy in your favorite area!
6. You want the responsibility
If you are in a position of taking on more of life’s responsibilities, then buying a house is the smartest thing to do. Owning a house means that you don’t just pay a mortgage payment. You pay taxes, insurance, rates and more. There is more than just one monthly payment and you have to also include things like maintenance that can crop up from time to time. Owning a home is a huge responsibility, and if you prefer something more carefree, then tying yourself into a mortgage isn’t a good idea.
7. The market looks good
If you know that the economic market in your area is good right now, then you can bet that buying is a good idea. Some markets are harder than others when it comes to being able to buy a house but it’s going to help to have a broker to tell you whether it’s a favorable one or not. Get a feel for the local conditions with the help of an agent and a broker together. You want to make sure that you are buying when the market is good, not bad!
8. The mortgage rate is low.
If the mortgage rates are currently low, you’ll be in a good position to be able to buy your own place. You can get a much better rate if you shop around in the market and you will save a lot of money in the long run if you make sure that you are on top of the rates of the market in general. Interest rates go up and down
9. You have the lifestyle that supports it!
You need to have the right lifestyle to be able to support a mortgage. If you are in a stable relationship or you are feeling stable in your day to day life, or you want a bigger yard for the children, then buying a house could be an excellent idea. If your relationship isn’t working, then buying a house together wouldn’t be a great idea. It’s never easy to move out of a house you’ve bought with the wrong person, so if your lifestyle isn’t stable right now, make the right choice early!
10. You’re okay to be patient
It takes time to put a house through and that means that you should think about whether you are happy to be patient with the process. It’s much harder to buy a house than to get a rental, but it’s worth it if it’s what you want for your future. If you have had your eye on a new house for a while you will find that you can gain patience for months on end as a result.
Buying a new house is a big deal, and it’s absolutely worth it if you want something stable in your future. Start looking and see whether you can find the right property for you!