Array
Real Estate

8 Signs That You’re Ready To Buy Your Own Home

Are you thinking about finally taking the leap and investing in your own home?

Shares
Photography: Pexels (Main Photo)

Buying a home is one of the biggest financial decisions we can ever make, which makes it even more imperative to put a lot of thought into that decision. It’s not just about having enough money; there are plenty of other important factors to bring into consideration in making such a big decision. These are the signs that mean that you may be ready to become a homeowner.

You know what you want


ADVERTISEMENT - CONTINUE READING BELOW

The importance of research cannot be overstated, especially if you’re planning on getting your own place. Aside from just knowing what you want your home to look like or where you want it to be situated in, you should also know what your budget is, the kind of environment you might be entering, the state of the housing market, the legalities involved, etc. Once you know what you want, the process of acquiring your property will be smoother and less intimidating.

You’re financially stable


ADVERTISEMENT - CONTINUE READING BELOW

One of the most important things to consider when deciding if it is the time for you to buy a home for yourself is whether you are already financially stable or not. This involves a lot of different aspects, such as being able to fully pay off (or at least manage) your outstanding debt; having enough money for a down payment and for other expenses such as mortgage, taxes, furnishings, and utilities; and still being able to set some money aside for savings. It won’t be worth it if you are able to buy a place but find that you have no funds for other important everyday expenses.

You have a steady job


ADVERTISEMENT - CONTINUE READING BELOW

Having a steady source of income—whether that’s your job or your business—will help you remain financially stable, which means that you’ll be able to pay your mortgage consistently and still have enough money for other things. It will also be easier for your loan to be approved if you have solid employment to back you up.

You have good credit


ADVERTISEMENT - CONTINUE READING BELOW

If you intend to apply for a loan to help finance your home, you’ll have to first make sure that you have good credit. Banks, insurance companies, and other financial institutions look at credit score, which represents a person’s ability to pay off loans, to assess whether he or she should be approved or not. If you are able to manage your debts and pay dues faithfully, this likely means that you have favourable credit, and that it will be easier for you to pay for your own home.

You’re not planning on moving elsewhere soon


ADVERTISEMENT - CONTINUE READING BELOW

If you are working in a specific place and don’t have any intentions to transfer somewhere else in the near future, it might be more practical for you to buy a house instead of renting one. A home is a major investment, and if you suddenly have to leave after having just bought one, you’ll end up losing out on that investment.

You’re settling down


ADVERTISEMENT - CONTINUE READING BELOW

Maybe you have kids, or are getting married and planning on having children in the near future. Obviously, you would want to raise your family in a stable and safe environment. If this is the case, it might be better for you to buy a home. After all, renting a home means that you have to pay a certain amount every month, and if you have a family to support, your rent will only take away from your budget at home.

You want to make a place for yourself


ADVERTISEMENT - CONTINUE READING BELOW

One of the sad things about living in rented homes is that there is only so much you can do with it in terms of decorating and renovating. If you have a home of your own, you’re free to do whatever you want with the space you have. You’ll finally be able to create a home that is true to who you are!

You’re ready for the responsibility


ADVERTISEMENT - CONTINUE READING BELOW

Having your own home involves a lot of responsibility. You will be accountable for its upkeep and maintenance, and should other more complicated issues arise, you’ll have to be able to handle them head-on. When deciding to buy a property, discern whether you’re truly ready to accept that responsibility and carry it well.

More on Realliving.com.ph

Shares

Latest Stories

7 Plants That Can Help You Keep Dengue Away

You need to do more than just plant them outside your home

Make Your Home Smell Like a Fancy Hotel for Less Than P700!

Shop for scented candles, room sprays, and more essentials while maintaining your budget

10 Things You Need to Clean to Avoid a Stinky Home

We tend to overlook how scent contributes to the first impression our house makes on guests �" or on us!

5 Organizing Ideas We Can Learn from this Family Home in San Juan

This home doesn't just have picture-perfect rooms. Let it inspire you to get organized.

Amoy Kulob at Mabaho? Here Are Ways to Keep Your Home Smelling Fresh

Because a beautiful house needs to smell good, too

Those School Buildings We Grew Up With Are Called Gabaldons

The President recently signed a law that mandates their conservation

These Are The Reasons Why You Have a Messy Home

Manage the clutter in your house with these tips from an interior designer

Which One is Best for Your Home: A Diffuser or A Humidifier?

Here is a quick guide between a diffuser and humidifier to help you decide which one is better for your space

6 Convincing Reasons Why It's Better to Rent Than Buy a Home

Paying monthly dues is less stressful compared to managing real estate taxes

9 Affordable Ways to Give Your Kitchen Cabinets a Makeover

Updating the look of your cabinets can greatly improve the overall ambiance of your kitchen

Is Your House Making You Sick?

Household pollutants may cause respiratory diseases and other health problems

These Cozy Laundromats Offer Good Food and Coffee, Too

These well-thought-out spaces are making us look forward to laundry day!
Load More Stories

Get inspiring design ideas and handy hints.
Subscribe to our newsletter now!