“Can I Buy A House?”: How to Know If You’re Ready To Purchase A Home
It is every person’s dream to have a home of his own. While the desire is there, most people doubt their ability to actually purchase a piece of property. They are unsure on their capability and ability to be a homeowner, with concerns that range from financial to emotional. So here are some points to ponder when you find yourself asking this question: “Can I buy a house?”
1. Do your homework, and decide if you are ready to face the costs of home ownership.
Buying a house doesn’t stop at simply issuing a check and enjoying your new home. There are costs to owning a home that you need to review, know by heart and assess. There are taxes and fees that need to be considered, and you also have to factor in the costs of maintaining your home. Home maintenance involves a daily, monthly and yearly schedule of reminders and involves everything from floor to roof, as well as the grounds.
2. Examine your credit reports.
Along with the question of “Can I buy a house?” is the question of “Will anyone let me buy a house?.” Taking out a loan or going into any sort of financing scheme will require a thorough analysis of your capability to fund the purchase. Are your debts being paid? Do you have any pending bills? If your credit reports are good to go, then so are you.
3. Match your dreams to your reality.
Maybe what you have in mind is that 2-story, 5-bedroom house with a pool, a yard and a porch, but you also have to see if that’s what your finances are capable of. Match your ideal house to what you have at hand. Do you have an amount ready for a sizable downpayment? Will you have a reliable source of income to cover the mortgage? Are you ready with an emergency fund?
4. Prepare yourself mentally and emotionally.
Home ownership means you are ready to lay down your roots. You must be ready to stay put for at least the next 5 years and face all the headaches and pains that comes with owning a house. As your own landlord, only you will be responsible for your home, creaks, leaks and all.
If you’ve sufficiently thought about these points and feel confident about your readiness to take on the responsibility to home ownership, then ask again: “Can I buy a house?” The answer is, YES!