5 Questions to Ask Yourself Before Becoming a Homeowner – The decision to become a homeowner is exhilarating but it ultimately is a major commitment. Before you decide to move forward, it’s crucial to know if you’re absolutely ready for home-ownership. Check out the following questions to guide you in your decision making.
1. Why Do I Want A Home?
You need to question why you are buying a house. Are you doing so because it’s part of your dream or because you are ready for it? Home-ownership is a full-time job. Can you handle it?
2. Can I Afford It?
Houses are expensive. End of story. Do you have the finances to pay for the bricks and mortar? Can you really afford the payments?
3. Can I Afford The Down Payment?
This is crucial. If you cannot comfortably afford a down payment, you probably cannot afford a house. Sure, you can make house payments as you go, but the down payment is the first step.
4. Do I Have Stable Enough Finances?
Were you just promoted at work? How does your job stability look? How does your spouse’s look? Keep all of this in mind. Yes, jobs are subject to change, but the more stable your job appears, the more stable it probably is.
5. What Are My Goals in Five Years? Ten Years?
How does home-ownership fit into your long term goals? Does it fit the direction you want to grow? Does it logically make sense to buy a home?
Before becoming a homeowner, it’s imperative to ask yourself these questions to determine whether or not owning a home at the moment is right choice for you. Did these questions help you decide if you should be a homeowner? Do you think you’re prepared for home-ownership?