How to Know When It’s Time to Buy Your First Home

One of the most exciting times in a young family’s life is buying that first home. But the decision to buy that home is not always easy to make. There are a lot of factors that go into buying a first home that a responsible family has to take into account.

Financial Stability

Financial Stability

Image Courtesy of Tax Credits via Flickr

Most people never feel like they are making enough money to buy a home. But there does come a time in a young family’s life when they suddenly realize that they have enough income to finally buy a home of their own. If you are able to keep up on your bills each month and feel secure in your employment situations, then start utilizing online mortgage calculators to see how much you could realistically afford in a mortgage. Remember to add in a couple hundred dollars per month for insurance and taxes. If the numbers jive with your income, then it is time to buy!

Staying In One Place

Stable Location

Image Courtesy of sbpoet via Flickr

Buying a home is a major investment and that is why it is important to be as stable as you can with your finances and your careers. Some young couples take on careers that have them traveling all over the country to climb the corporate ladder and take advantage of opportunities. But if you have reached the point where you are able to settle in one place for an extended period of time, then start planning on buying a home! If you feel you will be in one area for at least five years or more, then that is a good guideline to use for your home buying plans.

Raising A Family

Raising a Family

Image Courtesy of sean dreilinger via Flickr

A young couple often knows how many kids they want when they first start out. As a family grows, it can sometimes experience medical challenges that require that the family live close to a hospital or have special equipment inside the house. If you feel that your family is not going to grow anymore, and you know the challenges that your family faces, then you are ready to start investing in the perfect home for your situation.

The Rent Is Too High

Rent is Too High

Image Courtesy of Images_of_Money via Flickr

Some families put off buying a home because they are uncertain as to whether or not they want the responsibility. If you are paying as much in rent as your friends are paying in a mortgage, then it is time to buy. When you rent a home, you are giving your money to a landlord. When you own a home, you are investing in your family’s future.

The time will come when a young family knows that it is time to invest in a home of their own. Before you make that jump, be sure that all of the signs point towards your ability and need to make this big financial move.

Speak Your Mind