Are You Ready for Home Ownership? Find Out by Answering These 4 Questions

Have you been dreaming about a larger, roomier or more luxurious living space and becoming a homeowner? Or perhaps just want to experience the joy of owning your own home and building your net worth instead of renting? Let's explore a few questions that can help to answer whether or not you're ready for a new lifestyle as a homeowner.

Can you afford the home you want as well as your lifestyle?

The first consideration to make is a financial one: can you afford it? Buying a home is a significant financial investment. In most cases you'll need to manage monthly mortgage payments for many years. The good news: owning a home is more affordable than you might think. If you're already a stable renter then you're most of the way there.

There are mortgage calculators that can help you get started, but I highly recommend speaking with a lender. Here are 10 things to consider when reaching out to one. 

Are you prepared for a down payment?

If you're confident that monthly payments are no problem, then the next step is saving up enough to cover your down payment. This is a lump-sum investment that you make when you buy the home. The rest of the purchase cost is paid by your mortgage lender, who you pay back over time. 

Do you know the style of home you want?

Once you've cleared all of the financial hurdles, you will next need to decide exactly what kind of home you need. Chicago offers many different property types including condos, townhomes, rowhomes, single family homes. Together we’ll discuss that property type(s) work best for you based on your lifestyle and future plans.

Chicago has so many neighborhoods that all offer something a little different – I can help you determine what’s the best fit.  Read more about 10 questions to ask yourself about condo buying here.

How long do you plan to stay in your home?

Finally, it's worth taking some time to decide how long you plan to stay in your home.  If it’s less than 7 years, you can always consider an ARM.  I always recommend to clients planning one to two life steps ahead so that you’re not crunched for space whether that be working from home, including a partner or growing your family. 

All of these are considerations that will help you choose the right neighborhood. 

When you are ready, I’m here to help you find the home of your dreams. To learn more about buying in our area and to view homes that are perfect for first-time buyers, contact us today.