This past decade has paved the way for some very big changes in the housing market, making it both harder to find a home and easier to get financed for one. It may be hard to know when the perfect time to start the house hunt is, but before you even start your dream house wish list, make sure you have all of your ducks in a row. The decision of whether now is a good time or not is solely on you, because you can’t always rely on realtors and banks to give you the straight answers you need. Take a peek at these three suggestions and keep them in mind whether you decide to take the plunge or not.
- How is your credit score? When you get to the bank and they start running your information to decide what kind of interest rate and amount they’re willing to set you up with, your credit score will play the biggest role. Make sure you have any items against your credit taken care of and you have a healthy amount in your savings account. Most importantly, don’t let your bills fall into the delinquent status. If you find yourself struggling at the end of the month, consider a payday loan through companies like Wonga.com. Payday loans should only be used as a last resort, but things arise from time to time. The money will be deposited into your account and you’ll have a little extra time to make sure things are taken care of. No late payments means a happy credit score for you.
- Are you ready to commit to years with your spouse or roommate? Buying a house is a little different than signing a lease at a flat. Short-term leases are perfect for friends or loved ones that aren’t sure how the living situation is going to play out. If you’re married, it’s safe to assume that you’re ready to settle down with them for quite a while. However, if you’re considering buying a house with a significant other or friend, make sure you’re absolutely positively certain that this is a person you can live with for years to come. There’s nothing worse than committing to someone and something only to realize your pet peeves are their worst vices.
- Are you content with staying in one place? Buying a house means you’re going to be stuck in one place (with one person) for as far as the eye can see. Unsure about the city you’re in or wondering what else is out there to see? Get it out of your system! Don’t lock yourself into a mortgage and spend your days wondering ‘What if?’ No matter how nice of a house you buy, it won’t make you happy if you feel like you’re stuck.
It should go without saying that you should be financially able to buy a house if you’re going to start looking. If you’re wondering what type of price range you should be looking for, use a buying guide to get a better idea. You’ll be able to see if you’re better off waiting awhile and saving for that dream home or if now is the time to strike while prices are low. Whatever you end up choosing, have fun with the house hunting!