AUTHOR LINDSAY DETWILER
  • Home
  • Blog
  • Books
  • About
  • Contact
  • READ FREE!
  • The Dark Side
Contemporary Romance Author

Is is the Right Time to Buy a House? 3 Important Questions to Ask Yourself

12/23/2020

2 Comments

 
Picture

3 Important Considerations If You're Thinking of Buying a House

Buying a house is such an important milestone in one's adult life...but how do you know when it's the right time?

My husband and I lived in an apartment for our first two years of marriage. We loved the location and the overall charm of our rustic apartment, but when we started to run out of space and wanted to grow our family, buying a house seemed like the next natural step. However, speaking from experience, making the leap to home ownership can be terrifying and confusing. If you jump too soon, you could set yourself up for buyer's regret and disaster. 

Especially with this past year being so volatile and difficult, how can you tell if you are really ready to take the leap? If you're considering home ownership in the next year, I've put together three questions I would recommend asking yourself before you take that next exciting step.

1. Can you afford to buy a house right now?

As a planner and a worrier, this was the first question I was concerned with when we started thinking about buying a home. It is so important to make sure you are at a place financially to make such a big investment. For us, we were in comfortable, stable jobs when we made the leap. We also started to realize that spending more on rent was actually a detriment because we weren't building any equity.

Once you know you have the financial means to pursue home buying, it is so important to know what you can actually afford. According to My Home by Freddie Mac, you should plan on spending no more than 28% of your monthly gross income on housing. Once you figure out this number, start doing some research in your area. What is the typical cost of a home in your area? 

After your preliminary research, you can start to do some more number crunching. Take the average home price and figure out the estimated monthly payment by putting in your figures in a Simple Mortgage Calculator. 

If you've already spotted a dream home you love, you can also use this calculator to see what the minimum income you would need to make to afford it would be. Number crunching can be scary and daunting, but it is so important to look at the cold, hard facts. All of these tools, though, make it easier than ever to figure out if you can actually afford to buy that house of your dreams.

2. Are you ready for the responsibility?

Owning a home comes with its own additional responsibilities. If you are used to renting, you may be used to picking up the phone to call a landlord to deal with any repairs or maintenance. Once you own a home, it's all on you.

A month after we bought our home, for example, our $800 water heater broke. That was an expense we hadn't budgeted for, and it really taught us very early on that homeowning is expensive. It is important that after you buy your house, you still have money in reserves for extra expenses. You can check out some average costs of House Maintenance Projects just to help you get an idea of how much you should have set back for surprise expenses.

Don't forget, too, that there is a time commitment that comes with these maintenance jobs. If your job requires many hours or a lot of travel, you may want to add this into the equation when deciding if it is the right time to buy a home.

3. Do you have the time to commit? 

The home buying process can be intense. From scanning potential properties to the actual process of buying, you need time to be able to do it right. Be certain that if you are going to take the leap into homeowning, you are ready to put time into the process. This is a big step, and you want to make sure you don't cut corners.

Be sure to research the home buying process from start to finish so you know what to expect. For example, I didn't realize that my lender would require paystubs and financial information for the previous year. It took me some time to get those documents together.

All in all, buying a home can be scary. However, taking the leap can also lead to a rewarding, fulfilling life. I am so glad we bought our home when we did because it has helped us build the life we have always dreamed of.
2 Comments
Lauren link
10/25/2022 05:42:03 am

Buying a house is a wise decision and a great investment. You have to consider a lot of things, it's not an easy decision. It's also very important for you to know how to protect your property. Some properties were taken by the government and it will need an eminent domain lawyer. Make sure that the property you're buying will not be used by the government in the future.

Reply
Realtor in Edmonton link
1/18/2023 07:56:03 am

In reality, there’s never a perfect time to buy a house – it’s challenging any time, even when it’s a buyer’s market. Whether you should buy a home largely depends on your personal situation.

Reply



Leave a Reply.


    Banners for Best Romance Book Blogs
    Author Lindsay Detwiler
    Picture
    *As an Amazon Affiliate, I get a small fee for any books purchased through the links below.
    Picture
    Picture
    Picture
    Picture
    Then Comes Love
    Who We Were Romantic Comedy
    Where Love Went
    Where Love Went Free Read Holiday
    To Say Goodbye
    Picture
    Remember When Lindsay Detwiler

    Archives

    September 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    December 2020
    November 2020
    October 2020
    August 2020
    July 2020
    June 2020
    May 2020
    February 2020
    January 2020
    December 2019
    November 2019
    July 2019
    May 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016

    Categories

    All
    Aging
    Am Reading
    Animal
    Animals
    Animal Testing
    Author
    Author Chat
    Authors
    Bark Box
    Beach
    Beauty
    Beauty Blog
    Beauty Box
    Beauty Review
    Body Image
    Book
    Book Blog
    Book Review
    Books
    Book Sale
    Bookworm
    Box
    Caregiving
    Cat
    Chick Books
    Chick Lit
    Childfree
    Childless
    Children
    Classics
    Clothes
    Contemporary Romance
    Contest
    Cook
    Cosmetics
    Creative
    Creative Writing
    Cruelty Free
    Dad
    Dating
    Divorce
    Dog
    Dogs
    Dream
    Dreams
    Empowerment
    Facebook Live
    Family
    Fashion
    Father's Day
    Fear
    Female Writers
    Fiction
    Free
    Free Book
    Free Reads
    Friendship
    Fulfillment
    Funny
    Gaming
    Giveaway
    Good Books
    Graduation
    Growing Up
    Hair
    Holocaust
    Inspire
    Keith Urban
    Kindness
    Life
    Literary
    Literature
    Live Show
    Love
    Lularoe
    Makeup
    Maplewood
    Marriage
    Mastiff
    Modern Love
    Mom
    Mood Boosters
    Mother
    Mothering
    Mother's Day
    Movie
    Movie Review
    Must Read
    Netflix
    New Author
    New Release
    Organization
    Parents
    Pets
    Phobia
    Pieces Of My Heart
    Poet
    Poetry
    Prize
    Prizes
    Reading
    Refresh
    Relationships
    Review
    Reviews
    Romance
    Romantic Comedy
    Sale
    Self Care
    September 11th
    Show
    Simple Living
    Simply Love
    Stitch Fix
    Story
    Style
    Summer
    Sweet
    Sweet Romance
    Tattoo
    Teacher
    Teaching
    Tech
    Teenagers
    Television
    Thankful
    Thirty
    Tidying
    Valentine's Day
    Vegan
    Wedding
    Win
    Winter Blahs
    Woman
    Women
    Women's Fiction
    Writer
    Writing
    Young Adult

    RSS Feed

Lindsay Detwiler

  About
Contact
Hot Tree Publishing

Disclosure: 
We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn fees by linking to Amazon.com and affiliated sites.
As an Amazon Associate I earn from qualifying purchases

This site is also a part of the Intellinfluence Program, where we receive free products and payment for posting about certain products.

We are also a participant in the Stitch Fix Influencer program, in which we receive fees when you click on the Stitch Fix advertisement. I am also a part of the Jane.com Affiliate program through ShareASale and earn fees when you purchase using the affiliate links.



​**This website uses Google Analytics to improve user experiences. We also use Adsense to create revenue and Amazon Affiliates.

Privacy Policy
© COPYRIGHT 2015. ALL RIGHTS RESERVED.
  • Home
  • Blog
  • Books
  • About
  • Contact
  • READ FREE!
  • The Dark Side