Author: Ron Spencer Real Estate   October 17, 2014

Owning your own home is still  a very important mile marker in our lives and most of us grow up with that dream in our DNA.  The home buying process can be very time consuming though and as a buyer you’ll need to make sure that you are absolutely ready. Listed below are 6 very important milestones that will help you determine if you are ready to buy! Take this points to heart and be honest with yourself when considering to buy a home.

1. Don’t buy if you can’t stay put.

If you can’t commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing money if you sell any sooner – even in a rising market. When prices are falling, it’s an even worse proposition.

2. Start by shoring up your credit.

Since you most likely will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. A few months before you start house hunting, get copies of your credit report(6 Ways to Fix Your Credit Score). Make sure the facts are correct, and fix any problems you discover.

3. Aim for a home you can really afford.

The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. But you’ll do better to use one of many calculators available online to get a better handle on how your income, debts, and expenses affect what you can afford.

4. If you can’t put down the usual 20 percent, you may still qualify for a loan.

There are a variety of public and private lenders who, if you qualify, offer low-interest mortgages that require a small down payment.

5. Buy in a district with good schools.

In most areas, this advice applies even if you don’t have school-age children. Reason: When it comes time to sell, you’ll learn that strong school districts are a top priority for many home buyers, thus helping to boost property values.

6. Get professional help.

Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional agent. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process.

Hopefully you found out that you are either ready to buy or really close to being ready.  Below we have one more thing you need, which is a FREE Buyer Checklist Guide that you can download, and will help you along the home buying process.

Do you have questions about home buying?

Download our “Must Have” Buyer Checklist for great tips on navigating the buying process.

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