Buying a house is a big step to make. It’s the time when you can exercise your true independence, with all the choices and decisions on your side, as well as have all the say in where your money goes. And because of that, it’s something a lot of people look forward to in their life! We can’t blame hordes of young couples and burgeoning families for having huge house plans, right down to the shade of the skirting board around the edge of their lovingly cluttered living room.
But there’s a lot you’re going to have to go through before you get to this stage; mainly, you’re going to have to be able to manage every facet of buying and running your own household without anything to go easy on you the way a rented apartment is easier to manage! And whilst getting both you and your house ready to sell is hard, being ready to buy a new home is still going to be twice as hard! After all, there’s a much bigger chance of a loss occurring here, and that’s never a good start to settling down!
So let’s stop and ask ourselves a few questions before we take the leap into buying a house. Here’s some of the best ones to consider first (but this isn’t an exhaustive list by any means!).
A sight a lot of people dream about… Not something you’d want to make a mistake over purchasing however!
Are Your Bills All Paid Up?
Because if they are, it’s a good sign you’re managing daily living from month to month, and you’re unlikely to experience any trouble in continuing with this lifestyle. And if that’s already comfortable on your budget, then maybe you could upgrade a little? Move up in life with the size of your home, and finally get those sea views from the top window you’ve always wanted? After all, being able to afford the amenity consumption you’re going to be using for the rest of your life at such a steady rate already is always a good sign! Don’t worry, the amount of money you’re paying out rarely changes.
So if the bills coming in and out of your household are paid immediately from your direct debit, and you’re still storing about 20% of your income away in a savings account, you’ve got some breathing room to get used to standing in a bigger living space with bigger living responsibilities. But of course, only you know how finely you’re cutting it each month with your cash flow, so this readiness is completely up to you to decide. Just let yourself think about this symbolism for a while…
Could You Afford a Mortgage?
Mortgages. The scariest monster of the real estate world. The idea that stops a lot of people from finally going all in with their savings on a house of their dreams. The mortgage is the loan that guarantees you’re going to be living in comfort in a space you’ve been building up to your whole adult life; you know, as long as you have the ability to keep up with repayments and the right projection when you head down to the bank with your current credit score.
So, can you afford a mortgage? With all the different loaning options and repayment amounts out there, who is to really say? Well, your local bank is going to have a huge stake in this, as well as any trustworthy lender you can find online. And most of these people run on the same loan calculating formula, even if you don’t know what that is. Sometimes it feels like you need to have at least ten degrees in the finance sector to understand anything to do with money and how it makes the world go round!
But there’s a quick check you can make yourself here, as long as you have the information at your fingertips. Open up your email account and get some of your records out: it’s prediction time for your household! Use a mortgage and loan calculator to make sure you’re in with the right chance for affording that home you saw in the estate agent’s window, the one you’ve been practically drooling over every time you passed it in the street, and sneakily checked no one had put their own interest down on it yet.
Are You Itching for a Change?
Change is one of the most revitalising things in this world, and that means a lot of people are itching for it. However, a lot of people can’t afford to scratch such a tremendous itch like this, and likely won’t be able to for a long time. And that’s an unfortunate reality of the real estate world, and one you’re probably worried the most about, even amongst all the changes you’re going to have to adapt to when you actually do move.
But when people want a change, and truly want one, they’re going to go out of their way to make sure it happens. And whilst that might not take the form of being able to move and live elsewhere quite yet, it’s still an effective process that’ll change the way they think about their home. Take a leaf out of their book! If you’re in a position to buy a house, and you absolutely know for sure it’s what you want because of how stale your current surroundings are, this is the time for you to make your move. It’s a little point, but it’s often your emotional and spiritual wellbeing that tips people over the edge when it comes to purchasing a house of their own.
Feeling Ready Yet?
There’s no harm in not being sure, but make sure you don’t take too long to think about it. Ruminating over the same decision for years on end is never a good way to live your life! Take your chance now if you know you’re in the position to make the right household change.