House ownership is becoming less common in today’s world, with life-long renting becoming a reality for many American’s. But while renting can seem like the more convenient, and often cheaper housing alternative, this is not always the case. This is particularly as a person’s life circumstances change over time.
Someone in Sonoma County might be looking at Santa Rosa apartments for rent, when they should really be looking for homes for sale in Santa Rosa CA, and be unaware of how the true cost benefits that they are missing out on.
But how does one know when it’s time to take the plunge into the property market? Here are a few signs that show when someone is ready for the next step.
- You’re ready to settle
Aside from the economic, one of the biggest factors (and risks) of buying property is that it ties the owner to one place if they are planning to live there. Some people relish the idea of being able to move cities, states, or even countries, or to sign a new lease if they are unhappy with their living arrangements.
This is not so when you live in your own property. So being content with the features and location of a sole property for the long-term is a signal that homeownership will be a good fit.
- You can afford a down payment
Placing a down payment on a new property may be the most costly investment a person will make in their lifetime and is important when looking at homes for sale in Healdsburg or elsewhere.
Having enough for a down payment, and associated expenditures such as closing costs, repairs, and furnishings for the property is not only an indicator that someone is ready to buy a house, it’s a necessity.
- Steady employment
Having a stable career and income will set a person up well for homeownership. They’ll be financially consistent enough to keep on top of their mortgage, as well as being more likely to be approved for a home loan with a history of long-term and steady employment in one place.
- Investing in your future
That’s right, renting may seem more financially viable in youth. But as tenants grow older it can become increasingly frustrating to see their money line someone else’s pockets and pay off a mortgage other than their own. Buying a house is often the greatest investment for a person to make, and each mortgage payment raises the equity of a home.
- You know where you want to live
This is an underrated but strong indication that someone is ready to buy a house. Often without realizing, people are already mentally preparing for the shift to ownership. They have found a location that they want to put their roots into, and are already imagining long-term life there.
- Savings an an emergency fund
This is also essential. There’s no sense in investing so much time and money into a property if you don’t have the excess funds to maintain it. There are all manner of associated (and unexpected) expenses involved with owning a property, so a solid savings account and emergency funds mean you will be more than prepared if unforeseen issues arise.
When considering homes for sale in Sebastopol or homes in any city or town in Sonoma County, one should make sure they are fully prepared. These are just a few signs that someone is ready to purchase a house, but they aren’t the only ones. Being aware of purchasing requirements and the market in California should ensure that the buying process goes smoothly. It is vital to get in touch with a top realtor like Brad Wilkinson. He knows the area better than anyone else, and you can contact him on 707.799.0455, or you can send through an email to Brad(dotted)Wilkinson(at)cbnorcal(dotted)com.