With buzz about low interest rates and reasonable prices, many people are eager to purchase a home; but there is more than meets the eye when it comes to homeownership. Both the homebuying process itself and the expenses of managing a home on your own can be overwhelming if you’re used to renting. Taking time to do your homework before you begin your home search can help ensure that you are fully ready to buy a home. Here are five signs that you may be prepared to move from renter to owner.
- You’re a budgeting pro. You use a budget, stick to it, and pay your bills on time. You also make sure to save money each month for unexpected expenses and your goal of homeownership.
- Your credit is in order. If you checked your credit score and found out it was lower than what it needed to be for you to become a homeowner, you followed a plan to boost your score and get back on track financially.
- You’ve educated yourself about the homebuying process. Whether it was by attending a free or low-cost homebuyer seminar in person or taking advantage of an online class, you took some extra time to learn about the ins and outs of homebuying.
- You’re ready for the extra responsibilities of homeownership. Plumbing emergency at 3 a.m.? It will be up to you to contact the appropriate professionals to fix the problem. You’ve given this thought and realize that while this means more control, it will also mean less convenience and more money out of your pocket than if you had a landlord who was responsible for major and emergency repairs.
- You’re ready to establish roots in a community. You can picture yourself living in the community you choose for the long-term, and you look forward to the sense of permanence that homeownership often brings.
Still not sure if you’re ready for homeownership? We have links to resources on www.GoNewHampshireHousing.com, including HUD-approved counseling agencies, homebuyer seminars, online education, and homebuyer Q&A.