It’s no secret that buying a house is a big step. You want to be sure that you’re ready to make this investment before you reach out to potential mortgage lenders. But how do you know when it’s time for you to invest in your very first house?
To help you determine whether now’s the time to buy a house, here are a few key signs you’re ready to make this major investment.
- You haven’t moved in years. The average person in the U.S. moved approximately 11.7 times in their lifetime. If it’s been several years since you’ve moved to a new city and you’re happy with the area in which you’re living, it may be time to settle down and buy a new home for sale. As of 2018, the average duration of homeownership is 13.3 years. That said, if you don’t have any plans to move any time soon, it may be more beneficial to invest in a house.
- You’re growing your family. An apartment can be a great place to raise a family, but the more rooms you need in your apartment the more expensive rent becomes. You can find houses with multiple bedrooms within the same price range, and you don’t need to worry about your mortgage going up in the event that your family decides to get a dog, either.
- You’re in a good place financially. If you have a secure job with a low debt-to-income ratio, you may be ready to invest in a house. Mortgage lenders are more likely to give better mortgage rates to those with a lower DTI. What’s more, if you have enough money saved up to make a decent down payment on a house, you can get a lower monthly mortgage payment.
- You’re proud of your credit score. Speaking of being in a good place financially, you can get a better mortgage rate with lower interest if you have a great credit score. It’s best to try and get your credit score as high as possible before you buy a house and to pay off as much debt as you can if you have any. When you’re proud of your credit score and you’re not sweating over debt, you can feel confident knowing it’s time to buy a house.
Are you looking for a new home for sale? The local home builders of WestWind Homes have you covered. Our new homes are well-constructed with quality, safety, and security in mind. To learn more about our new home construction services or to take a look at a new home for sale, contact WestWind Homes today.