How Do I Know it’s the Right Time to Buy?

Buying a home is a large financial decision that affects your life in a multitude of ways. Owning a home does have a lot of advantages, including building equity and the freedom to make your space your own.

However, the housing market is changing, and there are many nuances that go into buying a home. Here are a few factors to consider before you know it’s the right time to buy a home:

Are Your Finances in Order?

Before it’s the right time to buy, make sure your house is in order. You’ll need to make sure your credit is up to par if you are planning on financing a home. The bank will take a look at:
1. Your Income or Partner’s Income
2. Your Income-to-Debt-Ratio
3. Your Credit History and Score
Your credit history is what a mortgage lender will use to determine your worthiness as a borrower. The better your score, the better your chances are for a home loan!

Where are You Looking to Settle Down?

Before considering a home, do you know where you want to settle down? The location of your home is far more important than most people realize! The neighborhood and area will affect the value of your home in the future. Before deciding on your dream home, it is important to pick out the right neighborhood that suits your finances and needs.

What Are Your Non-Negotiables?

During the home search, you will often be asked what your non-negotiables are by your realtor. This is to realistically help you find your dream home, with some compromises. Generally, non-negotiables are things like a walk-in closet or a good school nearby. Before you decide if you are ready to buy, you need to figure out what your non-negotiables are!