There are few times in life as exciting and daunting as buying your first home. Making that definitive leap from renter to homeowner is a time of great joy but also great stress. Quite frankly, it’s not a decision that should be taken lightly.
Buying your own home is an exciting but very intimidating thing to do for the first time, however, it is a move that makes a lot of financial sense if you can afford to do so. But how do you know you’re ready?
If any or all of the following apply to you then it’s probably about time you started seriously considering taking that first step onto the property ladder.
You’ve worked out your payments
Buying your own home is pricey, however, it usually works out better value for money than renting. If you find yourself gazing at your monthly bills and realizing you might actually be able to pay less per month for a mortgage than you’re paying in rent right now, it might mean you’re ready.
Of course, it’s also going to depend on how much you’ve got saved away for a deposit as the larger a deposit you’re able to put down, the better mortgage offers you’ll get from the estate agents.
You’re gazing at estate agents’ windows
Another indicator that you’re ready to buy your own place is that when you pass an estate agent’s window you end up eyeballing their ads. Or maybe you ‘just so happen’ to be looking at new homes online in your spare time.
If you are at the stage of your life when you’re always looking at for sale signs and thinking “what if?” then you are probably in the right frame of mind to start shopping around.
You’ve started envying your homeowner friends
If many of your friends have already put down deposits and moved into their first home, you can start to think “why are they ready and not me?” If you feel yourself seething with jealousy every time you’re over there for a drink then that jealousy could be a sign you want what they have. And who could blame you?
You’re ready for your own space
Most of us throughout our Uni years and 20s will live in shared housing and many of us will probably leave Uni and have to move back in with our parents until we find a decent job.
Even once you’ve found a job, if you live in a city centre, you’re most likely going to have to rent a space with flatmates. However, there comes a point where this is no longer feasible, or you come to want your own space either for yourself or to share with a partner.
If the idea of living with somebody you barely know any longer seems incredibly depressing, this could be a great indicator that you should look to buying your own property.