Knowing when you are ready to buy an apartment or house is a bit of a science. Between issues of affordability and lifestyle choices, there is a whole lot to consider before you put pen to paper on your new home – for one, are you prepared for the responsibility? You might be chomping at the bit to buy a new home, but are you truly ready? Find out using our ‘are you ready to buy a home’ checklist.
Am I financially ready to buy a home?
– You’ve saved up enough to afford one
– You have a steady job
– You don’t have any debts
You’ve saved up enough to afford one
The most tell-tale sign that you are ready to buy a flat or house – you can actually afford one! Needless to say, your savings have to be in a pretty great place before you can consider buying an apartment. And by pretty great place, we mean you should have enough money to bail you out in an unexpected circumstance – for e.g a sudden job change or an unexpected repair. Having enough money to buy the flat is fine, but make sure you’ve also got an emergency fund to cover all bases.
You have a steady job
If you have found a job that you love with a salary you also love, it might be time to move into the apartment you deserve. No career is completely stable, but if you’ve had a stable job for a couple of years, you should be safe enough to get a home to go with your job security.
You don’t have any debts
Be wise – don’t buy an apartment or house if you’ve got other outstanding debts to address. You don’t want the added stress of paying for debts on top of your monthly mortgage repayments. Freeing yourself of debt will give yourself the extra cash you need to pay for all of the costs of buying your home, from moving to buying furniture.
Am I emotionally ready to buy a home?
– You are ready to settle down for a few years
– You are ready for responsibility
– You want more privacy in your living space
You are ready to settle down for a few years
Needless to say, buying a flat or house is a huge investment, so it only makes sense if you are willing to settle down for a long-ish period of time. The average mortgage repayment takes around 25 years, so you have to be in this one for the long-haul – leaving home before at least 10 years will mean you miss out on your investment. Have a long think about if your new area is for you, whether you need a nearby school for children, or some local green spaces to catch some fresh air.
You are ready for responsibility
Be honest with yourself – are you ready for the responsibility of owning a home? If you still have some holidaying and serious partying to get out of your system, chances are it might not be the best time to commit to a house payment. As well as paying for the house, you also have to think about how a faulty appliance could scupper your plans. If you want to enjoy a carefree lifestyle for a bit longer, you may not be ready to buy a home yet.
You want more privacy in your living space
Living with your parents or messy flat mates does tend to get old quite fast. There is nothing quite like the privacy and independence of owning your own place, with no-one to rely on but yourself. If you want to avoid a weekly lecture from your parents, or a roommate nabbing your favourite snacks, an apartment could solve your problems!
Are you ready to buy a home? Weston Homes is the perfect place to get your housing journey started. With our affordable but luxurious apartments, you can settle down in your new home with no-stress and maximum comfort!
