Within every person is a strong desire to have his own house. However, different circumstances exist for every person which affect his or her chances of getting a place to call home. If you have been thinking for quite some time whether you are ready to buy a house or you still need to wait for more time, here are 3 signs that will tell you are indeed ready.
You are financially stable.
Financial stability speaks a lot of whether you are ready to buy a house or not. In assessing this factor, you should have a secured job. Do you see yourself still working with the current company until the time you have repaid the associated dues and mortgages? Do you see an increase in pay rate along the period of the home mortgage? Do you have additional sources of income like part-time jobs and business venture? Do you have some amount on the bank?
You have good credit rating.
Unless you are born millionaire, you won't even bother to borrow money from mortgage companies. However, not all are born with silver spoon in their mouths. With this, you have to know that know that a good credit standing will be one of the prerequisites to improve your readiness towards buying own house. Upon applying for a home mortgage, the financial institution will check on your financial capacity as to whether you will be a worthy risk of being lend some amount.
On a personal basis, it's quite easy to assess whether you have a good or bad credit standing. Have you maxed out some of your credit cards? Are you paying credit card dues on time or have you been late, or maybe you're missing some payments? Do you have outstanding credits from other companies? How often have you been applying for loans and credit cards? Having answered these questions, you know where your credit stands.
You fully understand the expenses associated with home ownership.
Owning a house will not only require you to cash out on its cost. There are other associated expenses that will require you to shave you off some of your savings. From one-time fees like home appraisal, home inspection, and pest inspection, you also have to handle origination and moving costs as well as some monthly fees pertaining to the home mortgage, mortgage insurance, maintenance, HOA, and utilities.
The three things listed above may be simple yet complex to some because they are usually taken for granted. However, understanding them and having yourself assessed based on these factors may tell you if today is the right time for you to buy your own house or you still need to improve on these aspects to at least fast track your dream of owning a house.
Desare Kohn-Laski is a proud and experienced Florida realtor who is knowledgeable and familiar of the East Coast Florida real estate market. Some of the areas of her service include Parkland, Fort Lauderdale, and Hallandale Beach. Stop the chase for your dream house with her professional assistance. For more information, hop on to http://www.skyelouisrealty.com.