How do You Know You're Ready for Home Ownership?

Posted by Kris Lindahl on Tuesday, February 3rd, 2015 at 10:59am.

Buying home

Going from a renter to a home owner is a big step. Not everybody makes the leap when they are actually ready. Some wait too long, while others leap too soon. Here's how you can tell if you're ready to own a home.

How's Your Employment?

Stable employment is important when it comes to home ownership. You want to make sure you can pay for the mortgage and you will have the income to support repairs and other maintenance. The first step to knowing you're ready to own a home is to have a stable job that pays you well enough to support a mortgage.

Are you Planning to Stay?

If you don't plan to stay in the area for at least the next 3 to 5 years, home ownership doesn't make much sense. It's best to know you will stay in the area for 10 years or longer before you buy a home. Of course, things can happen that cause you to move, but if you plan to put roots down in the community, you may be ready to own a home.

One of the major signs of putting down roots is finding the right person for marriage. If you're single, you may decide you want to move much faster than if you're married. However, if you have the stability of a home in the community, it can make you more attractive to other singles, too.

Do you Watch TV shows about Home Ownership?

Yes, it's a huge sign you're starting to consider owning instead of renting. When remodeling and other home ownership TV shows start becoming a fixture in your home, it may be time to start looking for a home of your own.

Those with all three of these qualities are certainly ready to start considering home ownership. Owning a home isn't something to rush into, however. Make sure you can afford the mortgage and you are comfortable with your savings before you rush into owning your own home.

Kris Lindahl
RE/MAX Results

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