August 7, 2017 | Barb Huntley
Are you sick of throwing money away on your rent payments? Maybe it’s time to sit down and consider buying a house. Owning a home is the start of building equity and memories, setting a foundation for the life ahead of you. There are a variety of reasons that motivate people to buy their first home. Knowing the right time in your life to buy a home is an important part of the process.

1)You Can See A Future In The City You’re Living In: Do you feel as though the city you are living in is your hometown and have no desire to live anywhere else? If so, it sounds like you are committed to staying here. If you love your city and know that you will be there for a long time, purchasing a home is a great idea.

2)You’re Sick Of Renting: Sometimes life gets the best of us and you find yourself in your late 30’s and have never owned a home. Count the amount of money you’ve spent on rent over the years and you will shake your head as you realize those thousands of dollars could have been put towards your home equity. Your landlords have been loving you. but your bank account not so much. Ditch the rental payments and start putting that money towards home equity in your mortgage.

3)Your Finical House Is In Order: Are you out of debt? All your credit card payments are in order? Do you have a steady monthly savings that has been building? It sounds like you are financially ready for a home purchase. If you have at least a 10 percent down payment saved, in addition to an energy fund, you are ready to buy a house. Don't forget about the key word emergency fund in the sentence before. Make sure you have money saved to cover unexpected costs that can arise with home ownership.

4)You Enjoy Home Improvement: Do you enjoy DIY projects and being your own handyman? Homeownership comes with a lot of unexpected DIY tasks. If you don’t enjoy fixing things up yourself, make sure you have extra money put aside for the unexpected costs that come with owning your home.

5)Your Career Is Excelling: Money is the motivating factor behind buying a home. If you have a steady job and you see your company or personal growth in your future, buying a home is a smart financial decision. We’ve also seen that homeownership gives a person a new sense of confidence and independence, two character traits that can trickle over to your career.

6)You Know What You Want: Do your research on what you can afford in terms of house price, features, mortgage payments and location. Consider the school district your home is in if a family is in your future. Also consider the commute time to work, local parks and stores. Lastly, don’t forget to check the crime rates in the area. Having all this information will help you make an informed decision where to buy a home when you know you are ready to.


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