No one can tell you when you’re
ready to become a homeowner. But it’s probably fair to say a lot of first-time
buyers wish otherwise.
Buying a home is often one of the
biggest purchases you’ll ever make. It’s also among the most infrequent.
Knowing you’re prepared to buy a couch or a car is one thing. The last lot in a
cul-de-sac is something else entirely.
The right time to pull the
trigger is when you’re financially and emotionally prepared for the
responsibility. But it’s not like the heavens part and a choir of closing
agents signal the time has come.
It’s ultimately up to you to
determine you’re ready. But here are a few signs and stages that might signal
you’ve got a handle on homebuying.
1. You Genuinely Want It
This is an emotional component
for sure. Renting is easier than owning a home in a lot of ways. Each exudes
its own sense of freedom, and the flexibility of renting resonates with many
people.
Looking at homeownership as a
lark or even an investment isn’t always the best approach. A quarter of
Americans have moved from their city or geographic area in the past five years,
according to a Gallup
survey released earlier this year. The last few years have also made clear
that equity isn’t a guarantee.
Homeownership isn’t for everyone.
Pursue a home purchase because you genuinely embrace the freedom, opportunities
and potential challenges that come with it.
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