My Zeo

  • Home
  • About
  • Blog
  • Lifestyle
  • Health
  • House
  • Pets
  • Fitness
  • Money
  • Contact

How to Know You Are Ready to Buy a House

July 15, 2020

Young happy couple receiving house keys from real estate agent. Giving keys of new house to young couple. Smiling couple signing financial contract for mortgage.

It’s a headline we’ve all read before, millennials are not able to afford homes.

But, if you have defied all of the odds and are now thinking about buying your own house, there are a few things you need to be aware of.

Firstly, mortgages are an expensive commitment so make sure you do your research before you apply for one! Secondly, you need to have a hefty chunk of change for your deposit.

In this article, we’ll look at how to know you are ready to buy a house! Let’s get started.

1. You’ve Saved Up for a Down Payment

After years of working and saving, you finally have a down payment for a home! You may be asking “How much deposit do I need for a house worth 300 000?”

The answer is between 5% and 20%. But, the more money you have saved, the better!

If you’ve managed to kick the credit card debt and made a start on tackling your student debt, then it’s time to take on a mortgage.

2. You Have Money to Spare

In order to buy your own home, you need to make sure you have plenty of cash available. It’s not as simple as just saving up money for a deposit.

You need to have money available for closing costs such as appraisals, taxes, insurance, inspections, and much more!

Furthermore, you need to consider how much it’ll cost to get back on your feet. Do you have enough money for furniture, renovations, or bills?

3. You’ve Checked Out the Available Loans

Have you been keeping an eye on your credit score while saving money to buy a new house? It is vitally important that you do everything in your power to improve your credit score!

Next up, begin by researching the best loans available to you and what all of the terminology means. You may be surprised by how much money a little time and effort can save you.

4. You Have Reliable Employment

There’s nothing worse than getting laid off only to find that you simply can’t pay your expenses for the next few months!

It may be worth focusing on holding down a reliable job for a few years before you buy a house. This will help you ensure that you will remain employed once you’re a homeowner.

Furthermore, having a steady job will ensure you get a good deal on your mortgage.

A good rule of thumb is to spend around 30% of your earnings on your monthly mortgage payments.

How to Know You Are Ready to Buy a House?

Still wondering how to know you are ready to buy a house? Try asking friends and family about their experiences! They may be able to guide you in the right direction and advise you on whether or not you are ready.

Moving into your first home is a very exciting experience, but it’s a long road to that first night in your new place.

Have you found this article helpful in your search for a new home? Check out the rest of the website for more useful content.

Leave a Comment · House

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

About Me

Hello all!!!! I'm Darcy and I recently started writing on My Zeo about health and fitness (and part of that important health equation is sleep!). As we are all super busy with life, I try to integrate how to stay fit, relax and be healthy and happy through everyday life.

Facebook

My Zeo

NEWSLETTER

TeraHemp

How to Write the Perfect Love Letter

Love letters have become less popular in recent years. With the advancement of technology, some . . .

Read the Post

Understanding the Trends in Designing and Buying a Home

In the time of the pandemic, people have been afforded a lot of time in their hands. Some have . . .

Read the Post

What is Athleisure?

Athleisure refers to a specific type of clothing that is a combination of leisurewear and sportswear . . .

Read the Post

Best Wokout Excerises To Build a Muscular Chest

  If you are among those who no matter how much time spend in the gym lifting an enormous . . .

Read the Post

Launching a Car Repair Shop? Here’s How to Get Started

Millions of people in the United States drive a car. Bloomberg says approximately 88 percent of . . .

Read the Post

Follow Us Online

  • Facebook
  • Google+
  • Instagram
  • LinkedIn

Copyright © 2018 myzeo.com

Copyright © 2021 · Simply Pro by Bloom Blog Shop.