5 Signs You're Ready to Buy your First Home

Buying your first home is a major milestone in your life. The process of choosing a place you want to live and going through the financial steps will help you learn about yourself and the real estate market. Most people have an idea of when they are ready to buy, but there are still a few signs you can mentally check off to confirm that you are ready.img1. You have an established career.Before you can buy a house, you need an established source of income. This will make you more appealing to your lender and allow you to save up for a down payment. During the first few years of your career, you might not make enough to save or cover the cost of a mortgage and other home expenses. However, as you establish yourself, you can earn more and eventually be in a better place financially.Having an established career has other benefits as well. You won't need to pick up and move across the country to take a new job, and you most likely will know where you will be living in the near future.2. You can budget for additional home costs.The downpayment isn't the only thing you need to budget for when you buy a home or condo. You also need to have the financial stability to pay taxes, cover homeowners association fees, and pay for repairs. Try to develop a budget that includes all of these factors so you don't have to go broke trying to keep up with your house.While you can use some online home budget calculators, remember that costs vary by region. South Florida is more expensive than the Florida panhandle. While there are many affordable moving companies Miami, you will likely pay more than you would if you lived in a smaller city. Find a moving company who can trust, like Solomon & Sons Relocation Services. They're reliable, efficient, and will work with you on your timeline. That last thing you need to worry about is whether or not all your belongings will arrive in time due to poor communictaion.3. You know where you want to live.One mistake that first time homebuyers make is moving to an area that they aren't familiar with. They choose a city that they think they will love and pick a neighborhood after only seeing it once or twice. Within a few years, they want to move.Take time to get to know an area before you buy a house. Otherwise, you may end up paying for a local move to a new home if you like another neighborhood better.4. You have a pre-approved lender.Before you start looking to buy, meet with the lender of your choice and ask to get pre-approved for a mortgage. Pre-approval can expedite the buying process and will help sellers take your bid seriously. It essentially tells buyers you are good for the money and helps lenders approve your mortgage faster.Pre-approval will typically last between 90 and 180 days. Consider seeking this out from your lender before you begin the home buying process.5. You have a moving plan.first home buyer, you don't have to worry about selling your current home before buying your next one. However, you may have to worry about penalties if you end your lease early (if you're renting). Develop a timeline to make the moving process easier. This might mean closing on your house a month before your lease is up at your apartment or rental.You want a small amount of overlap to help the moving process, but not too much. The last thing you want is to have to pay rent and a mortgage for two properties at the same time.Buying a home might seem like a daunting process, but the results are worth it. Soon, you will be relaxing in the comfort of your new home with the knowledge that it belongs to you. by BeautifulHome from Beverly Hills, California. Aug 20th 2020 Reply