How to Know When You're Ready to Buy a Home
How to Know When You’re Ready to Buy a Home
Nervous about buying your first home? Not to worry – you’re not alone! Navigating your path to home ownership can often feel like a maze, but luckily Lincoln Savings Bank is here to help you find your way. Having been in business for over 100 years, we know what it takes to transition from renting to owning your home. It takes a great deal of preparation, work, and saving, but celebrating the milestone of owning your first home makes all the effort worth it.
If you’re still on the fence of whether or not you’re ready to own a home, we encourage you to review these DO’s and DON’Ts before taking the plunge or buying your first home. The more of the following prompts you can answer YES to, the more confidence you may have in choosing to own your home.
You DO have good job security, and plan to live in your home for five or more years.
You DON’T want to move to a new apartment or continue to pay a landlord any longer.
A home’s value may (or may not) increase with the area market. By letting your property investment grow, through monthly loan installments, you could start gaining equity in your home, giving you a leg up for if you ever decide you want to sell. Buying a home can be much less expensive than renting if you decide you want to live in that same home for more than five consecutive years.
You DO have a savings nest egg built up to cover both foreseen and unforeseen costs.
You DON’T have a poor income-to-debt ratio, meaning you take on more debt than you earn.
Purchasing a home is more complex than buying a new vehicle. You’ll want to be sure you and your finances are in prime condition once you start your home buying journey.
You DO take pride in taking care of your own indoor and outdoor space and enjoy making it yours.
You DON’T need anyone to mow your lawn or make repairs on your home – you’ve got it covered!
Owning a home is a great deal of responsibility, but even more so, it’s a phenomenal sense of pride and accomplishment. Knowing what you’re prepared to handle yourself, or potentially hire-out is essential when it comes to the maintenance and upkeep of your new home.
You DO want to customize everything from the wall color to the flowers planted out front.
You DON’T want to listen to wall-sharing neighbors as they cause a ruckus from the other side.
The most exciting part of owning your home is the freedom that comes with it. If you want pink walls – go ahead and paint them! Always wanted to grow your own veggies – find a spot in the backyard and plant them! Your home is the epitome of you and the life you choose to create in it.
With a surplus of home financing options, your next question will be whom to choose as your guide while navigating down the road of home ownership. At Lincoln Savings Bank we great take pride in tailoring each financing solution to every individual home buyer. Whether that’s through conventional financing, FHA Loans, USDA Loans, VA Loans or other non-conventional routes, our goal is to help you reach your next fiscal milestone: home ownership.
To take the first step toward your journey of home ownership CLICK HERE and reach out to one of our personal mortgage lenders.
Lincoln Savings Bank. Member FDIC. Equal Housing Lender. NMLS #480330