According to CNBC.com, first-time homebuyers account for nearly 35% of real estate purchases in the United States. Buying your first home is a big decision and a huge investment, whether you are doing it alone or with a significant other. Should you search houses for sale in Huntingdon Valley, PA or look more towards the city? How will you know when it’s the right time to take the plunge and start the home buying process?
Here are four signs that you are ready to buy your very first home!
You Have A Solid Savings or Emergency Fund
Life doesn’t always go according to plan, and when it doesn’t, it’s important to have a nice solid savings or emergency fund to cover the unexpected. Having this extra money set aside ensures that if anything does go wrong, your new house and sanity will not be in jeopardy.
You Know Exactly What You Want
You’ve never bought a house before, so how will you know to look for? After you’ve done your research and have a clear list of what you want in a home, it will be much easier finding it. Consider the list below to get you started:
- Are school district zones important to you?
- How many stories do you want?
- What is your budget?
- Traditional or modern?
You Will Not Be House Poor
House poor is when you invest all of your money into your home and have little to no cash left over to spend as you please. Then, you start to resent the house and are absolutely miserable in your life. As long as you have a healthy amount of money left over after buying your house (stay within a budget), we think it’s safe to say you are ready.
You Are Financially Stable
Having an emergency fund, like we mentioned above is great, but if you are not financially stable, it might be hard for a loan officer to give you the funds you need for a new home.
If you think the time is right and you are ready to start looking for houses for sale in Huntingdon Valley, PA and its surrounding areas, call Joseph Bograd today!