There comes a time in the life of every 20- or 30-something when you become responsible enough to own your first home. Even if that sounds way too adult for you, there are certain signs you can look for in your own life that tell you it’s time to buy your first home.
The good news is the sooner you buy a home, the sooner you can gain equity in it—and start making a nest fit for the future you want to build.
You’ve been budgeting well.
You and your partner have steady, reliable incomes, even if they’re not as large as you’d like. You know what you spend every month, and you know what’s left over for the savings account and for fun activities.
Knowing your financial status and habits is one of the most important steps in knowing what sort of house you should be looking for. Who knows, you may be able to afford something bigger than you thought, once you sit down to crunch all the numbers. Or you can set a target income/expenses ratio so you can afford that extra bedroom.
You’re running out of storage space.
Every room in your home can serve one of two functions: 1. What it’s meant to be used for. 2. A storage closet from all the stuff you somehow gathered over the years. Just walking across a room is a hazard when boxes, toys and clothes could reach out to trip you.
The only good solution is more space. The relief of having a proper place for everything you own is impossible to put a price on.
Your family is growing, or you want it to.
This life change is often tied up with sign #2. Toys, cribs and bibs cover every surface of your home, and you’ve got another one on the way. Maybe it’s time to move into a place of your own so your child can grow up in a place you’ve decorated just for them.
You’re ready to build equity.
A home is one of the greatest investments you can make in your lifetime. In a couple decades you could be sitting on a six-figure property that’s all your own, no bank involved. The long-term thinking can be daunting and seem like a million years away, but building equity in a home is always a good choice that your future self will thank you for.
You’re consistently hosting friends and family.
If you lead an active social life, chances are your home is a center of activity for your friends and family. Do you always have room for the in-laws? Are people bumping elbows at your dinner parties?
Being able to host people comfortably is one of the greatest blessings of owning a home. When people walk through your front door and compliment your home, you can feel proud of this piece of real estate you own, and what it enables in your life.
If you’re still not sure it’s time to start looking for a home, give Franklin Realtors a call at 417-818-1237 or set up a meeting with one of our realtors. We’ll go over your finances and lifestyle and figure out what your next move should be.