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5 Signs You’re Ready to Buy

Shanna

9 June 2009

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Are you a first-time home buyer, wanting to take the plunge and purchase property but nervous to do so? You’re not alone. Many other potential home owners are feeling the same anxiety, despite all the benefits and incentives being offered.

The truth is, buying your first home is a major commitment, and it’s normal to be a little nervous. Yet you can alleviate some of that tension by going into the purchase fully prepared, aware of the investment you’re making.

Here are five signs that you are ready to buy your first home:

1. You’ve Done Your Homework. Nothing will give you more peace of mind than knowing the facts. What are homes selling for in your desired neighborhood? How long are they on the market? What can you get for your price range? When you know these things, you’ll be more confident to make an offer.

2. You’ll Stay within Budget. After you’ve determined how much you can afford to spend, stay within that range. Getting swept up into overbuying can be tempting, but you will be paying for it for years to come. If you buy a home you can afford, on the other hand, you eliminate the stress of not being able to make payments. Ask yourself the hard questions – What will happen if you lose your job? How long could you afford payments out of savings?

3. You’ve Negotiated. Today’s market is all about you! You have room to negotiate, and you should. This Buy Owner Blog article gives some helpful tips on negotiating for an overpriced home, which are good to know in any situation.

4. You Aren’t Rushing. When it comes to big purchases, the surest warning sign of a bad deal is having to rush into it. If you’re feeling pressure, try to stop and think for a while. Sometimes that break will be all you need to look at things objectively and know how to proceed.

5. You Plan to Stay. Buy your home planning to stay for several years, and you are more likely to come out ahead. Think of a home purchase as a long-term decision!