Knowing when to buy a home may be more important that knowing what to buy. As the saying goes, “timing is everything,” and this could not be more true with knowing when it’s right for you to buy a new house. Here are three tips that will help you make the right decision.
Come to an agreement with your partner – If you’re buying with a spouse or partner, you want to make sure you’re both on the same page. Be certain you both want to move. Then, spend some time talking and agreeing on how much you can spend, neighborhoods and what kind of home you want.
Understand your financials – Make sure your financials are in order. Look at your budget, your savings, and how much you have to put down. But don’t stop there. Make sure you have enough money in your budget to pay for unexpected home expenditures, which will come up. You should also make sure you include moving costs in that plan.
Make a Plan – Now that you understand your financials, put a plan in place that you can follow throughout the buying process. First, find a realtor. Searching homes online is not the same as having a professional that can guide you through every step of the process. Get preapproved for a mortgage. Your realtor can assist you with this process. Lastly, start saving for those incidentals that inevitably come up throughout the home ownership process.