Is the time right for you to buy your own home and move away from renting? Knowing when it makes sense to financially purchase a home is the first step all first-time home-buyers need to know.
While you may have had some interest in buying real estate in the Orangeville Ontario area for some time, you may have hesitated, not sure if the time was right. This is a scenario that happens to many potential buyers who are not aware of what signs to look for that indicate the best time is right.
Know when it is time to buy a Home in Orangeville
Here are four guidelines to help you recognize when it is time to seize the opportunity and purchase your own Home in Orangeville Ontario.
1. You Have The Money To Buy – This means that you have enough in the bank to comfortably cover the 5% – 20% down payment, closing costs, moving expenses, if necessary, and any money you may need for repairs or improvements after you become the owner of the property. Having the money to buy also means that you have a steady and reliable source of income that will easily cover your mortgage payments, monthly living expenses, and any other monthly charges that may come up regarding children, health, pets, automobiles, etc.
2. Your Credit Score Is Good – There is no doubt about it. To buy a home you must have an excellent credit rating. To achieve this you can do so by paying off any outstanding credit card accounts, repairing any bad credit standings or deleting any erroneous information that may be on your report. The process to buying real estate begins years before you seriously begin looking and it begins with creating the best credit history possible.
3. You Are Prepared To Invest Time In Owning Your Own Home – This simply means that once you have purchased the home, you are ready and able to commit to it for the next several years. It will take up to five years in some cases for a buyer to recover from the costs of purchasing a new home. You will also have to be ready to take on the responsibility of being the maintenance man, the lawn guy, the gardener, and the pest control man or woman when you own your own home.
4. Are You Prepared To Become Your Own Landlord – Just because you can afford to become homeowner, does not mean buying a home is right for you. Make sure you are ready to take on this lifestyle as it is not the same as when you were renting. Owning your property comes with new responsibilities, headaches and hidden costs. When you were renting, you would simply call the landlord and ask them to fix your issues when something broke down. With your home, if it breaks you are responsible to fix it yourself or find someone to fix it for you and these expenses can add up. If you are ready for this new adventure just make sure you know what you are getting into and make sure you always have extra money set aside for this emergency.
If you said yes to any of these Four Guidelines — then it is time for you to begin your MLS Home Search to find yourself the perfect Home for Sale in Orangeville!