While the cooling market has led to a lot of people trying to get their first homes, it’s important to remember that a home is an investment as much as it is a place to live. As such whether buying new homes – http://www.kbhome.com/ – or old ones it’s important to take a long, hard look at yourself to see whether you’re ready to buy a home or not.
1. You Have Your Debts Taken Care Of
Debt is a big hurdle when it comes to buying a home, and ideally you need to have your debts paid off. College loans, car payments, medical bills, etc. all need to be squared away before adding a home into the mix.
2. Your Credit Score is in Good Shape
While it’s possible to get a home loan with bad credit you’ll get much better rates with a good credit score. A good credit score will save you money, as well as time when purchasing a home. So while it’s tempting to act fast, up your numbers first if they aren’t good enough.
3. You Have a Down Payment
The bigger your down payment is for a home, the better off you’re going to be because it’s that much less you need to get a loan for.
4. You Have Savings
Buying a home is one thing, but you should still have savings left after all is said and done. A cushion is a big deal, and it is a sign you’re ready for home ownership.
5. You’re Ready to Commit Responsibly
A home is a huge investment, and it requires commitment. You need to have a budget, you need to be able to take care of any repairs your home needs, and you need to understand that you have to pay all of the property taxes on it. If you can do these things, maybe you really are ready to settle down.
Courtesy MSM Real Estate: http://realestate.msn.com/article.aspx?cp-documentid=20740546