There tends to come a time in every parent's life when they start thinking about buying a house. Having somewhere for you and your kids to live and call your own is something of a dream for most people. The question is, how do you know when it’s the right time to buy a family home? Well, in this piece, I’ve listed a few little questions you should ask yourself to determine if the time is right:
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Do You Have A Regular & Secure Source Of Income?
Owning a house is a big financial responsibility. As such, you need to have a regular source of income if you wish to do so. You’ve got bills to pay, house taxes, not to mention the costs of things is something goes wrong in your home. When you rent a property, any problems are dealt with by the landlord, so you don’t have to worry about them. But, as a homeowner, all the responsibility is on your shoulders. As such, you and your family need a regular & secure source of income to help handle all the additional costs of owning a home. If you don’t, then now is not the time to buy your first family home. Someone in your family has to find a full-time job that pays well, and then you’re ready for homeownership.
Do You Have A Good Credit Score?
Speak to anyone with an ounce of financial knowledge, and they’ll tell you your credit score is very important in the grand scheme of your life. Especially when you’re thinking about buying a house. Family homes aren’t cheap, and you’ll most likely need to apply for a mortgage to afford one. But, applying for a mortgage is hard if your credit score is underwhelming. Ideally, you want a good credit score that can enable you to borrow as much money as you need. So, work on getting your score in check. If things are really bad, then a credit repair company might come in handy. Otherwise, just focus on good financial behavior such as repaying any debts, paying your bills on time, and being responsible with your credit card use. If you have a bad credit score, then it’s not time to buy your first family home. Instead, it’s time to fix your score, then buy one when your score is good.
Do You Need More Space?
A lot of families are perfectly capable of living in rented apartments as they have no need for lots of space. However, if you have a few children and are in desperate need of more space, then upgrading to a house is definitely a good idea. Renting a house is always worse than renting an apartment as it’s just not worth it. You’re far better off buying and actually owning the property yourself. So, if your answer is yes, you do need more space, then the time is right to buy your first family home.
If you answered ‘yes’ to all the questions, then you’re definitely in a good position to buy your first family home.