Are You Ready to Buy a Home?

While we certainly love to see for sale signs taken down because a home has been sold, we know that homeownership is not something people should rush into just because. If the turbulence in the housing market has taught us anything, it is that homeownership is not for everyone.

You fit the profile of a homeowner if you:

1. Plan to stay in the area. Things do change unexpectedly, but if you feel like you might move in the next year or so, think twice about buying. If you can avoid being a long distance landlord, you probably should.

2. Embrace the idea of maintenance. Home requires upkeep and if you are not willing to put in the time and effort, you might want to keep renting. Your home is an investment and you have to do the work to make sure it lasts.

3. Have saved some money. It is difficult to get a home loan if you do not have any savings because lenders want to see that you have a cushion in case your financial situation changes. Even if your financial situation does not change for the worse, you will need to have money for homeowning expenses—both expected (property taxes) and unexpected.