Are you ready to buy a house?

Are you ready to stop renting? Renting has its many benefits. Consistent reliable housing without a long-term commitment, the flexibility (within reason) to move without steep financial implications, the ability to live in places you don’t otherwise have the finances to buy in. Then there are the cons of renting like, you know, rent, fluctuating prices, lack of control, loss of any investment you put into improving the property. The question is, are you ready to let go of one set of burdens for another?

First things first, do you have the money? If you’re holding onto any large amount of debt, you may be in danger of missing payments if you enter into any large financial undertaking. Missing payments could severely affect your credit score. Acquiring more debt, like a mortgage might not be the answer you’re looking for either, you want to keep your debt to income ratio as low as possible, what that ratio is will be up to you and how much debt you’re okay with occurring. Do you have the funds put away to even think about buying a house? What kind of housing situation can you afford? It’s a good idea to make sure you have a budget in place and have your household running on a predictable financial calendar before you buy a home, so you know how much you can afford. It’s also a good idea to save up a down payment so you get the best possible mortgage. Just because you qualify for a mortgage, does not mean you’re ready to buy a house.  Then there’s the chance you won’t qualify. You don’t need to have all the money upfront to buy a house, but you do need a good to have a good amount put away if you're going to buy a house. You can’t just put it all on credit cards even if you are comfortable with the debt. Check out our article about the myths of home buying for more information on the financial requirements being approved for a mortgage and how much money you may need for a down payment.

The second thing you need to think about is stability. Job/financial security is important. You need to know that your source of money isn’t going anywhere before you commit to a big monthly bill, like a mortgage. Where are you in your career? How sure are you that you won’t get transferred? That you won’t seek an opportunity in a different location? Are you settled enough to want to put down roots in your location? That’s what a house is roots, a long-term commitment to your location and the people surrounding you. You’d then have a neighborhood, a local school system, a community. All great things to have but only if they’re wanted and relevant to your situation.

This may sound silly but are you emotionally prepared to buy a house? Think about the commitment? A home is an investment that you will need to maintain, a responsibility to upkeep. If you think the process of finding a place to rent is tough, buying is way more tiring, and a thousand times more stressful. Are you in the right place mentally to buy a house? If so, then by all means proceed. This article isn’t meant to scare you off, I want to caution my readers to thoroughly contemplate buying a house and everything that comes with it. There’s nothing worse than buyer’s remorse on a large investment, especially if you live in it. If this article hasn’t put you off or even made you take a moment to reconsider buying a home then you already know your answer and are ready for the next step.



Delana Cotton servers the north east Atlanta region that includes Dacula, Winder, Lawrenceville, Buford, Snellville, Conyers and surrounding areas. Delana treats every transaction as if she were you, the buyer or seller. If you have a real estate transaction on the horizon, meet Delana for a no pressure chat over coffee.