Am I Ready for My First Home?

So, you're thinking about buying your first home. It's an exciting milestone, but it's also a big commitment. Before you take the plunge, it's important to ask yourself if you are really ready for homeownership. Here are a few things to consider:

?

Do you have a stable income??Buying a home is a long-term financial commitment, so it's important to have a stable income to support it. If you are self-employed or have a sporadic income, it may be harder to qualify for a mortgage.

?

Do you have a down payment saved up??Most lenders require a down payment of at least 10% of the purchase price. If you don't have enough saved up, you may need to reallocate your existing investments to accommodate this amount.

?

Have you considered all of the costs associated with a mortgage??In addition to the deposit, there are several other closing fees associated with buying your first home. Theses include amounts such as legal fees, property stamp duty, lender negotiation fees etc.?Be sure to factor these costs into your budget before you buy.

?

Are you prepared for the responsibilities of homeownership??Owning a home requires a significant time and financial commitment, including maintenance and repairs. It is also a very emotional journey as it forces you to settle and put down roots in one place. Make sure you are prepared to take on these responsibilities before you buy.

?

Ultimately, the decision to buy a first home is a personal one. It's important to carefully consider your financial situation and long-term goals before taking the plunge.

If you are ready for the commitment and responsibilities of homeownership, you can find out more about our OwnIt! First Home Coaching program as well as sign up for a FREE Homebuyer Assessment here:?https://thesquare-bracket.com/home/own-it-first-home-coaching-program/