Are You Ready To Buy A Home?

Have you been renting for too long? Have you been thinking about whether it’s the right time for you to take that leap and buy for the first time? You are not alone! Every first time home buyer goes through the process sitting down and having to see if they are ready to buy a home.

This is a big decision, and there are many items to review to find out if you are ready to purchase. If a handful of the below signs apply to you, it may be the right time for you to purchase a home in San Diego.

find out if you are ready to buy your first homeYou Love San Diego

Many people rent not only for financial reasons, but also because they do not want to be tied to a single city. If you feel like you have settled down here in San Diego, it may be the right time for you to buy. That being said, buying a house does not mean you’re tied to one part of town forever.  You can always choose to rent out your property, or sell it at a later time.  However, this is a much larger responsibility than simply giving your landlord 30 day’s notice and moving.  If you love the city you’re in, and could see yourself living here long-term, it’s a great reason to buy.

find out if you are ready to buy your first homeYour Finances Are In Order

Your finances do not need to be perfect in order to purchase a home. However, there are certain items that you will need in order to qualify for a loan. In most cases (except for VA loans), you will need to have a down payment saved up.  Your loan officer will also be studying your sources of income, credit score, and debt to income ratio carefully.  Their responsibility is to make sure that you will be able to make your monthly mortgage payment before approving you for a loan. If you are ready to get pre-approved for a loan, it’s always recommended to check with multiple lenders within a short period of time.

find out if you are ready to buy your first homeYou Don’t Like Paying Someone Else’s Mortgage

Are you sick and tired of paying rent to your landlord month after month? While renting is a great option for many people, it can also feel wasteful. After all, you are funding your landlord’s mortgage payments, rather than making mortgage payments of your own. When you own a house, your mortgage payments go towards YOUR home, not someone else’s. You are building equity in something that is likely your largest investment. Many first time home buyers are surprised to see that with the amount of rent they pay each month, their monthly mortgage payment on a comparable place is not much more expensive. This is money that could be directly benefiting you, helping you secure your financial future, rather than doing that for someone else. Feel free to play around with my mortgage calculator to estimate what your monthly payments would be.

find out if you are ready to buy your first homeYou Want To Personalize Your Space

Landlords have plenty of rules for their tenants. After all, they are allowing their tenants to live in and use their own personal home! This being the case, they are likely going to ask you to leave the property close to how you found it. Landlords often ask that heavy pictures aren’t hung, walls don’t get painted, etc. They are simply trying to protect their investment. However, for the renters, this means that their space will never feel like “home.” If you are ready to create a home that suits your taste and creativity, buying a property is the way to go.  You can buy a fixer upper and do a great deal of work, or you can buy a move in ready home and make small tweaks as you go. Either way, though, you are not at the mercy of your landlord.  You make the rules, not someone else!

find out if you are ready to buy your first homeChanges In Family Structure

Often, renters decide to buy because they are recently married, have had a baby, or have been living together for a long time. They feel that they are ready to take the leap, and are ready to own a home together. This is a beautiful step in any relationship! Two people getting their first set of keys on a home they own together is a big deal. Similarly, if the family is growing, perhaps more space is needed to accommodate these life changes.

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