It may be the “American dream’ but that doesn’t make it any easier to own a home. Knowing the right time to invest in a home depends less on your country of residence and more with your propensity for home repair, your fiscal responsibility, and your ability to roll with the punches. Ask yourself these three questions when you’re considering purchasing your first house; you may not be quite as ready as you think.
How much debt is too much debt and, honestly, how much debt do you have? If you’re scraping by every month despite steady paychecks, take some time to meet with a financial advisor and get your money managed, get on a feasible budget and create an achievable plan to buy a home after a predetermined amount of time spent scrimping and saving.
Are you truly ready to settle into 30-year mortgage? The confidence required to purchase a home has just as much to do with professional and emotional security as it does with financial security. You may not remain in this theoretical home for 30+ years, but you do need a certain amount of peace of mind to proceed with such a deliberate life decision.
How handy are you, really? Can you identify pest issues? Can you prune a tree? Can you fix a leaky sink or a wobbly stair? Owning your home means dealing with every little issue, either on your own or with the help of a professional. You either need the skills to do basic repairs or the budget to hire out professionals when those issues arise.