When it comes to purchasing a home for the first time, you’ll have a ton of questions and doubts. However, the real answers should come from yourself. By analyzing your current situation, you can deduce whether or not a house is right for you at this time. Hence why, we made this list of tips and questions to ask yourself when deciding on purchasing a home. If you can confidently answer all of these questions then we see you becoming a homeowner in the near future!
Your Rent is Rising
A big reason why most people would rather rent than purchase a house is because of all the costs and extra responsibilities it takes to own a home, especially in Massachusetts. Therefore, if you believe your current rent is too much or you notice your rent rising then it may not be worth it for you anymore. Rather than saving money, you might be paying nearly the same costs a month that it would be for a mortgage on a home in Massachusetts. This is all dependent on whether you believe your rent is rising and would rather put your money toward a future investment.
Debts are Being Paid
If you have debts whether they be from student loans, car loans, credit cards, etc, being able to pay them off is essential. Having too much debt can make purchasing a home very hard because you’ll be under a lot of stress and financial pressure. That being said if your debt has lowered to a manageable level or is completely gone then a home is a great option. You can put all of your money and focus on the cost of your new home rather than the debt you accumulated over the years.
You Have Good Credit
We encourage finding your credit score and ensuring it’s at a good or even great level before going through with the sale of a Massachusetts home. Although you can still borrow money with a lower credit score even as low as 500 at times, it's not recommended. Lower credit scores cause you to spend much more money down the line. For example, you’ll be asked to provide a large down payment and pay higher interest rates.
Have Money Set Aside
Homes can be very costly and can leave you surprised and stressed with new maintenance costs or damages. To ensure you’re ready to buy a home we believe in having extra money set aside for emergencies. This will help lessen the blow if any surprises arise later on. The last thing you want is to spend every penny on home and have nothing left for large issues whether it be associated with your home or other aspects of life.
Experienced a Large Life Change
If you recently hit a point in your life that makes you believe a home is the right move then this could be a great sign. Large life changes like big promotions, building a family, marriage, and more can absolutely be great reasons to think about a new home. Being motivated to purchase a home is just as important as any other financial aspect of the home-buying process.
Find Your First Home
If you checked off every area of this list and want to start looking for a perfect home then contact Hans Brings today! He’s been helping homebuyers find the homes of their dreams for over 33 years and counting! Get advice and guidance from only the best real estate professionals in Massachusetts!