how to know when you are ready to buy a house
TRANSCRIPT
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How to KnowWhen You Are Ready to Buy a House
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Owning your own home is one of the prime goals of most adults in America. However, the events of the recent mortgage crisis also taught buyers to avoid jumping into a home purchase too quickly.
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Owning a house has many benefits, but it also comes with many responsibilities. Potential homebuyers should take a close look at a number of factors before making the move into home ownership.
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These factors can help you decide whether to look at single-family homes or downtown Phoenix condos to suit your needs.
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Financial Readiness
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Before considering purchasing a home, you should do a careful review of your
financial condition.
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You should have a steady income with a minimum amount of personal debt.
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If you have outstanding debt, such as student loans, car loans or other indebtedness, try to pay it off before making your home purchase.
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Check your credit score to ensure there are no unpaid bills on your record. Your credit score should reflect your ability to pay bills reliably so that lenders will offer a good interest rate.
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Consider How Long You Expect To Stay
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If you plan to stay in the area for at least five years, home ownership provides better financial incentives than renting.
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However, the costs of financing, moving to, furnishing and decorating a new home can add up quickly.
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It will take at least five years in a new home to make up for these expenses.
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If you plan on staying in the area less than five years, it may be more financially savvy to continue to rent for the duration.
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Willingness To Take on Maintenance
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Home ownership also brings along with it the need for regular maintenance of exterior features.
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The thought of constant home maintenance chores can deter individuals from making this investment.
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They may not want to spend time and money on lawn care, roof maintenance and other issues.
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After-Tax Cost of Ownership
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Potential homebuyers should also look at additional expenses that affect the cost of home ownership.
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Taxes and insurance premiums can be expensive in some areas. If you are trying to stay within a budget, consider these expenses, as well as tax benefits that will accrue from home ownership.
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Lifestyle Factors
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Individuals who own a home generally spend a great deal of time at home.
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They may enjoy being away from crowded urban areas and want a large home for entertaining and houseguests.
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However, other people enjoy the hustle and bustle of the urban scene, and tend to spend their leisure time away from home at the theater and in restaurants.
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These individuals may find that a Scottsdale condo or Phoenix condo better suits their social and leisure tastes.
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Real Estate Market Conditions
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Another factor that can influence your ability and timing in purchasing a home is the local real estate market.
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Prices can vary greatly within one area or even one city. Different types of housing can also vary in price.
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The value of condominiums in many urban areas can often be much more stable than housing in outlying areas.
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This trends makes Phoenix condos or Scottsdale condos worth considering for many homebuyers.
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If you are looking for a condo to buy in Phoenix or Scottsdale, We Know Urban Realty will help you find the perfect place.
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Their realtors are experts when it comes to urban living.
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Will Daly, Broker
We Know Urban Realty, LLC
834 E Claremont Street, No 3
Phoenix, AZ 85014
(480) 510-8755
Email: [email protected]