We know that you probably might have heard this numerous times but it’s worth repeating –little things matter! Keep this in mind when making any kind of decision. With that said, are you perusing real estate listings online? Perhaps, you saw an “Open House” sign a few days ago and are planning to visit it today? We do believe that you are dreaming about buying a house, isn’t that right?
If that’s the case, then let us ask you one more question – are you ready to become a homeowner?
You already know how big of financial investment this is but there are plenty of other things that you need to keep in mind. Before you sit down with an Orlando realtor, you need to be sure that you are ready to take this responsibility. If becoming a homeowner has been on your mind for quite some time, then the best thing to do is evaluate your position to find out whether this purchase is possible or not.
Following are five signs that will help you come to a conclusion whether you are ready to become a homeowner or not:
Sign #1 – You Don’t Have Any Debts
From your college loan to the car loan, you have paid all your debts. You are no longer bound by monthly payments that need to be made on time or fear for your collateral being taken away from you. If this is the case, you are one step closer to fulfilling your dream.
Sign #2 – You Are Ready to Take on the Responsibilities of Becoming a Homeowner
A house comes with many responsibilities, especially ones that put a financial strain on you. Are you ready to take them on? Ask yourself the following questions before making a decision:
- Ready to pay monthly taxes and mortgage?
- Prepared for any problems that might arise inside the house and require regular repairs?
- Are you prepared to carve out some time from your hectic schedule for household maintenance tasks that might need to be done daily?
Sign #3 – Your Current Living Space Is Not Working Out for You
Maybe you got married and want to settle down in a nice neighborhood or you had a new addition to your family and the current apartment is no longer a roomy accommodation. Whatever the case, if you are financially stable and your current place of living feels too small then go ahead and browse house listings online
Sign #4 – You Have Saved for the Down Payment
Yes, a good credit score is vital to take out a mortgage but if you have saved for your down payment, then you will find that lenders are ready to accommodate you. However, do make sure that your credit score is in the “good” range to get better loan terms.
Sign #5 – You Have a Backup Emergency Fund
From moving to closing costs, maintenance, repairs, renovations, taxes, and whatnot… there are dozens of things that you will pay for in the first few years of purchasing your house. You might find yourself living hand to mouth a few months down the line, which is why you need to have an emergency fund in place to take care of personal things during the rainy days.
Do you believe that you can take care of all the things that we have mentioned above? Why not consult with a Winter Park Realtor to find out the best course of action? Get in touch with a qualified Orlando real estate agent by visiting Megan Dowdy Realty. For further information, call on 407-509-9279.